NEWS – Indo-Pacific Economic Framework for Prosperity (IPEF) recently signed an agreement to strengthen its supply chain and ensure adherence to labour rules

INDO-PACIFIC ECONOMIC FRAMEWORK FOR PROSPERITY

• Economic initiative to build cooperation and economic integration in the Indo-Pacific region
• Launched by the US on May 23, 2022
• Open invitation for other countries to join
• Represent 40% of the global GDP and 28% of the world’s trade
• Four pillars: Trade, supply chains, clean economy, and fair economy.

ABOUT THE NEW DEAL

• Countries have agreed on two more “pillars” of the initiative, covering cooperation on clean energy and anti-corruption measures
• Formally signed the previously agreed text of a third pillar, covering supply chain resiliency
• Signed by India although it does not participate in all pillars