Question
Which of the following initiative aims to strengthen
economic partnership among participating countries to enhance economic growth and competitiveness in the Indo-Pacific region?Solution
Indo-Pacific Economic Framework (IPEF) is a US-led initiative that aims to strengthen economic partnership among participating countries to enhance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region. The IPEF was launched with a dozen initial partners who together represent 40% of the world GDP. PM Modi recently formalised India’s entry into the Indo-Pacific Economic Framework (IPEF), along with 12 other countries, including the US, to strengthen economic cooperation as a geostrategic counter to China’s growing clout in the region. The other countries that joined the IPEF ahead of the QUAD leaders’ summit in Tokyo are Australia, Brunei Darussalam, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
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