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Consider the following statements regarding the recently lunched Indo-Pacific Economic Framework for Prosperity (IPEF).
  1. IPEF is a new economic initiative led by United States.
  2. The grouping includes all the members of Association of South East Asian Nations (ASEAN).
  3. IPEF is a free trade agreement, where countries have agreed to reduce tariffs and increase market access.
Which of the above statements is/are correct?
  • a)
    1, 2 
  • b)
    1 only 
  • c)
    2, 3 
  • d)
    1, 3
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding the recently lunched Indo-...
  • US President Joe Biden first discussed the IPEF in the East Asia Summit on October 2021, saying “United States will explore with partners the development of an Indo-Pacific economic framework that will define our shared objectives around trade facilitation, standards for the digital economy and technology, supply chain resiliency, decarbonization and clean energy, infrastructure, worker standards, and other areas of shared interest”.
  • IPEF is not a free trade agreement, and not the “same old, same old” kind of trade agreement, but allows members to negotiate the parts they want to.
  • Currently, India and 13 countries located in the Pacific Ocean are its members: Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, and Vietnam.
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Consider the following statements regarding the recently lunched Indo-Pacific Economic Framework for Prosperity (IPEF). IPEF is a new economic initiative led by United States. The grouping includes all the members of Association of South East Asian Nations (ASEAN). IPEF is a free trade agreement, where countries have agreed to reduce tariffs and increase market access.Which of the above statements is/are correct?a)1, 2b)1 onlyc)2, 3d)1, 3Correct answer is option 'B'. Can you explain this answer?
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