Indo-Pacific Economic Framework for Prosperity (IPEF)
The term ‘Indo-Pacific’ started to be discussed in strategic circles about a decade ago, but has rapidly gained importance in recent years. The economic rise of India and the massive increase in maritime trade passing through the Indian Ocean have helped make the Indo-Pacific a geopolitical and geoeconomic construct. Currently, the Indo-Pacific is the most contested maritime zone in the world because of the growing strategic rivalry between the US and China and the security interests of other key players in the region Recently India agreed to be a part of the Indo-Pacific Economic Framework for Prosperity (IPEF), a U.S.-led economic grouping comprising 12 countries. These include Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam. Together, these countries account for 40 per cent of the global GDP. Why has India chosen to join this after walking out of RCEP? The main reason for In...