It is not a “traditional trade deal”, but a “new model of economic arrangement that will set the terms and rules of the road for trade and technology and supply chains for the 21st century”. This is how US National Security Adviser Jake Sullivan described the Indo-Pacific Economic Framework (IPEF).
The IPEF was launched in Tokyo on Monday in the presence of Japanese Prime Minister Fumio Kishida. The launch was also attended by Prime Minister Narendra Modi as India is among 12 initial partners of the IPEF.
The other nations are Australia, Brunei, Indonesia, Japan, South Korea, Malaysia, New Zealand, The Philippines, Singapore, Thailand, and Vietnam. Together, these 12 countries represent 40% of the world GDP. Foreign Secretary Vinay Mohan Kwatra had said in a briefing last week that India’s participation was under discussion.