The Covid-19 pandemic, climate change, technology shifts and geopolitical tensions have all created significant new economic challenges for Indo-Pacific countries.
Against this backdrop, the United States proposed and 13 Indo-Pacific countries agreed to launch in May the Indo-Pacific Economic Framework for Prosperity (IPEF). The initiative aims to strengthen US engagement in the region not through a traditional trade agreement - which many regional partners preferred - but through an economic agreement with four so-called modules dealing with trade; supply chains; clean energy, decarbonisation and infrastructure; and tax and anti-corruption.
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