GS Paper - 2 (International Relations)

India on 23 May 2022 joined US President Joe Biden in the launch of a US-initiated trade framework aimed at deeper cooperation among like-minded countries in areas like clean energy, supply-chain resilience and digital trade. The rollout of the Indo-Pacific Economic Framework for Prosperity (IPEF) by the US came as part of Washington's efforts to push forward a strong economic policy for the Indo-Pacific to counter China's aggressive strategy on trade in the region.

More about IPEF

  1. The IPEF seeks to strengthen economic partnership amongst participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness and competitiveness in the Indo-Pacific region.
  2. The Prime Minister said that the announcement of the IPEF is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth.
  3. India is committed to a free, open, and inclusive Indo-Pacific region and believes that deepening economic engagement among partners is crucial for continued growth, peace and prosperity.
  4. Nations joining the US in the Indo-Pacific Economic Framework are Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam. Along with the United States, they represent 40% of world GDP.

Flashback

  1. In September the U.S. announced a new partnership with Australia and Britain called AUKUS that is aimed and deepening security, diplomatic and defence cooperation in the Asia-Pacific region.
  2. Through that AUKUS partnership, Australia will purchase nuclear-powered submarines, and the U.S. is to increase rotational force deployments to Australia.
  3. The U.S. president has also devoted great attention to the informal alliance known as the Quad, formed during the response to the 2004 Indian Ocean tsunami that killed some 230,000 people.