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Tags: International Relations International News
US President Joe Biden launched the Indo-Pacific Economic Framework for Prosperity (IPEF) along with 12 initial partners in Tokyo on May 23.
The initial partner countries are India, Australia, Japan, Brunei, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.
These 13 countries together represent 40% of the world's GDP.
About IPEF initiative
It is expected to focus on four main pillars including trade, supply chain resilience, clean energy and decarbonisation, and taxes and anti-corruption measures.
The group includes seven of the 10 members of the Association of SouthEast Asian Nations (ASEAN) and all four Quad countries and New Zealand.
India will work closely with other IPEF countries to build an inclusive and resilient Indo-Pacific Economic Framework.
The main roles of the IPEF in the Indo-Pacific will be to set and adhere to standards for the digital economy and cross-border data flows and data localization.
It covers half of the world's population and more than 60 percent of the global GDP.
It is a geopolitical region that spans two regions of the Indian Ocean and the Pacific Ocean.
Extending from the west coast of the United States of America to the west coast of India, the Indo-Pacific is a regional structure of 24 countries.
It includes the tropical waters of the Indian Ocean, western and central Pacific Ocean.
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