Indo-Pacific Economic Framework for Prosperity: The long-awaited Indo-Pacific Economic Framework (IPEF) was launched on 23 May 2022. Announced in Tokyo during United States (US) President Joe Biden’s maiden visit to Asia since assuming office, the IPEF comprises 13 countries. Led by the US, its other members include Australia, Brunei, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam. Accounting for two-fifth of the global gross domestic product, the IPEF is a formidable economic bloc. It has four of the world’s top 10 economies – the US, Japan, India and Korea. Barring India, the remaining three economies belong to the Organisation for Economic Co-operation and Development (OECD) club of the world’s wealthiest and advanced economies. Australia and New Zealand, two more IPEF members, are OECD economies as well. The high-income membership of the IPEF is augmented by non-OECD high-income e...
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