• UGI USER
  • Jun 01, 2023
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IPEF Ministerial Meeting

News: The Supply Chains (Pillar II) negotiations during the second Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting were fruitful, while the other pillars made considerable progress.

IPEF is a US-led framework that enables the 14 participating nations to strengthen their ties and take part in significant economic and trade issues that affect the area.

launched in May 2022 by US President Joe Biden with 14 founding members from the Indo-Pacific region.

Other: Singapore, Thailand, Vietnam, Singapore, India, Australia, Brunei, Fiji, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines.

IPEF members account for 28% of global trade and 40% of the global GDP.

IPEF’s tenets

Enhancing economic cooperation, trade agreements, and market access among IPEF member nations is the focus of Pillar I (Trade).

Pillar II (Supply Chains): Increasing the resilience, sturdiness, and integration of supply chains through collaboration, logistics and connectivity, and investment promotion.

Promoting collaboration in the areas of renewable energy research and development, commercialization, accessibility, and implementation, regional hydrogen projects, and climate-friendly technologies.

Strengthening the application of efficient anti-corruption and tax policies to promote trade, investment, and commerce among IPEF economies is the focus of Pillar IV (Fair Economy).

India’s Involvement joined pillars two through four; unsure whether to join the trade pillar