Tokyo, May 23: US President Joe Biden along with representatives of several countries on Monday launched the Indo-Pacific Economic Framework (IPEF), an initiative that also includes India.
The launch aimed to set the stage for deeper engagement among the nations of the region that are witnessing fast economic growth and where China is expanding its clout, said the Kyodo News Agency.
“IPEF is a 21st century economic arrangement designed to tackle 21st century economic challenges, ranging from setting the rules of the road for the digital economy, to ensuring secure and resilient supply chains, to helping make the kinds of major investments necessary in clean energy infrastructure and the clean energy transition, to raising standards for transparency, fair taxation, and anti-corruption,” a statement released by the White House said.
The IPEF currently has the following initial signatories: United States, Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
“In order to prepare our economies for the future, we are launching the process to establish the Indo-Pacific Economic Framework for Prosperity,” quoted the joint statement released following the launch.
“Through this initiative, we aim to contribute to cooperation, stability, prosperity, development, and peace within the region” it added.
