India, US and 11 countries joined Indo-pacific trade pact

INTERNATIONAL

Prime Minister Narendra Modi joined US President Joe Biden in the launch of a US-initiated trade framework aimed at deeper cooperation among like-minded countries. The framework is called Indo- the Pacific Economic framework.

The trade framework focussed on areas like clean energy, supply-chain resilience, and digital trade.

The signatories joining the U.S. in the Indo-Pacific Economic Framework are Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. Along with the United States, they represent 40% of world GDP.

IPEF seeks to strengthen economic partnership amongst participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.

 

   Important points for the exam:

  • Prime Minister Narendra Modi joined US President Joe Biden in the launch of a US-initiated trade framework.
  • The framework is called Indo- the Pacific Economic framework.
  • The signatories joining the U.S. in the Indo-Pacific Economic Framework are Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. 
  • The trade framework focussed in areas like clean energy, supply-chain resilience, and digital trade.
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