The Indo-Pacific Economic Framework for Prosperity: Key Opportunities & Concerns for India | 30 June | 5:00 PM
On 23rd May 2022, India joined the Quad countries and nine other nations to form the Indo-Pacific Economic Framework for Prosperity (IPEF), an economic collective comprising 12 nations representing 40% of global GDP. These include Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam. Despite being a QUAD initiative, the IPEF was unveiled by the US, still the pre-eminent power globally. The IPEF focuses on four aspects, namely: trade, supply chain resilience, clean energy and decarbonisation, taxes and anti-corruption measures. The Framework aims to promote "resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness" in the economies of the member nations. The primary objective of the IPEF is to make the Indo-Pacific region a hub of global economic growth by introducing commonly-applicable and creative solutions to address the economic demands of a post-pandemic world. India has keenly expressed its interest to collaborate with partner nations towards achieving regional economic connectivity, integration, and boosting trade & investment. India also recently took part in an informal IPEF Ministerial meeting convened by the U.S.A in Paris on 11th June 2022.
The panel discussion identified key opportunities and challenges for India in the new arrangement, including its impact on India's economic development. The discussion further highlighted geopolitical aspects of the IPEF along with the need to rethink India's regulatory stance on global trade, sustainability and resilience.