US President Joe Biden announces Indo-Pacific Economic Framework -

Tokyo: The US President announced the Indo-Pacific Economic Framework (IPEF) to challenge the aggressive Chinese expansionist activities in the Indo-Pacific sector. This 21st-century economic front will be working to define the framework for the digital economy in the Indo-Pacific sector, ensuring the safety of the supply chain and increasing investment in green and renewable energy. Japan, South Korea and Australia will be a part of this front and India. Reaction over the front is expected from China, which is already agitated due to the QUAD conference in Japan.

On Monday, US President Joe Biden announced the IPEF in the presence of Indian Prime Minister Narendra Modi and Japanese Prime Minister Fumio Kashida. Brunei, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Vietnam and Thailand are the other member countries. The GDP of these 13 countries accounts for nearly 40% of the Global GDP. Therefore, US media are claiming that IPEF will emerge as the biggest economic organisation in the world in the coming times.

The US President said that this organisation for the Indo-Pacific region countries would promote a free and independent economy. President Biden claimed that with the establishment of IPEF, the United States had demonstrated its commitment to the Indo-Pacific sector and the countries from this region. Indian Prime Minister Narendra Modi expressed gratitude as the leading member country in the IPEF. Prime Minister Modi said that this economic front is the announcement of the efforts being made to make the Indo-Pacific sector the driving force for global economic development.

The Indo-Pacific sector is the centre for productivity, economic movements, global trade and investment. Prime Minister Modi said that India has major importance in this trade front.