{"id":29932,"date":"2024-09-24T20:26:47","date_gmt":"2024-09-24T14:56:47","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=29932"},"modified":"2024-09-24T20:26:48","modified_gmt":"2024-09-24T14:56:48","slug":"indo-pacific-economic-framework-for-prosperity-ipef-meeting","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/24-09-2024\/indo-pacific-economic-framework-for-prosperity-ipef-meeting","title":{"rendered":"Indo-Pacific Economic Framework for Prosperity (IPEF) Meeting"},"content":{"rendered":"\n<p><strong>Syllabus: GS2\/ International relations<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Context<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Indian delegation attended the first in-Person meeting of the <strong>Supply Chain Council <\/strong>of the Indo-Pacific Economic Forum (IPEF) for Prosperity held in Washington DC followed by the Crisis Response Network meeting.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key highlights<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Council established three Action Plan Teams pertaining to three sectors, namely <strong>Semiconductor; Critical Minerals with a focus on batteries; and Chemicals.<\/strong><\/li>\n\n\n\n<li>Also two sub-committees were established for cross cutting issues.\n<ul class=\"wp-block-list\">\n<li><strong>The Sub-committee on Logistics and Movement of Goods<\/strong> would facilitate efforts to improve logistics services and logistics infrastructure in the IPEF region.<\/li>\n\n\n\n<li><strong>The Sub-committee on Data and Analytics <\/strong>would build upon the work already undertaken by IPEF countries to exchange analytical approaches to supply chain exposures and risk.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Indo-Pacific Economic Framework for Prosperity (IPEF)<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>IPEF was launched in 2022 at Tokyo, Japan,<\/strong> comprising <strong>14 countries<\/strong> \u2013 Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and USA.\u00a0<\/li>\n\n\n\n<li><strong>The IPEF seeks<\/strong> to strengthen economic engagement and cooperation among partner countries with the goal of advancing growth, economic stability and prosperity in the region.<\/li>\n\n\n\n<li>The IPEF block together, accounts for <strong>40 percent<\/strong> of the world&#8217;s economic output and <strong>28 percent<\/strong> of trade.<\/li>\n\n\n\n<li>The framework is structured around <strong>four pillars<\/strong> relating to;\n<ul class=\"wp-block-list\">\n<li>Trade (Pillar I);\u00a0<\/li>\n\n\n\n<li>Supply Chain Resilience (Pillar II);\u00a0<\/li>\n\n\n\n<li>Clean Economy (Pillar III); and\u00a0<\/li>\n\n\n\n<li>Fair Economy (Pillar IV).\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Supply Chain Resilience Agreement\u00a0<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Supply Chain Resilience Agreement (Pillar II Agreement)<\/strong> under IPEF came into effect in 2024 to strengthen supply chains through economic engagement among partner countries.<\/li>\n\n\n\n<li>Under this Agreement, <strong>three institutional bodies<\/strong> have been created namely,\n<ul class=\"wp-block-list\">\n<li>Supply Chain Council (SCC),\u00a0<\/li>\n\n\n\n<li>Crisis Response Network (CRN) and\u00a0<\/li>\n\n\n\n<li>The Labour Rights Advisory Board (LRAB).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Way Ahead<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The paradigm shift due to growth in <strong>technological advancements and demand for clean energy solutions <\/strong>has brought to the forefront the critical importance of securing a <strong>reliable supply of critical minerals.<\/strong><\/li>\n\n\n\n<li>One of the key challenges lies in the supply risk on account of its concentration and global market dynamics and, which can result in <strong>price volatility and uncertainty<\/strong> leading to supply disruptions.<\/li>\n\n\n\n<li>Here India has an opportunity to consider members as alternative sources for its raw materials requirements. This could <strong>reduce India\u2019s overdependence on China<\/strong> for these inputs.\u00a0<\/li>\n<\/ul>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/pib.gov.in\/PressReleaseIframePage.aspx?PRID=2057965\" target=\"_blank\" rel=\"noopener\"><strong>PIB<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Indian delegation attended the first in-Person meeting of the Supply Chain Council of the Indo-Pacific Economic Forum (IPEF) for Prosperity held in Washington DC followed by the Crisis Response Network meeting.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29932","post","type-post","status-publish","format-standard","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/29932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=29932"}],"version-history":[{"count":1,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/29932\/revisions"}],"predecessor-version":[{"id":29933,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/29932\/revisions\/29933"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=29932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=29932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=29932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}