Quad To Strengthen Economic Framework

Last updated: 2023-03-04 06:14

Indo-Pacific Economic Framework opened to attract more regional countries to join the deal.

The US, Australia, India and Japan are aiming to help the Indo-Pacific region secure a strong and fair economy by launching a framework to keep China's sphere of influence in check.

TheOwner has obtained a draft of that announcement. It says the Indo-Pacific Economic Framework, or IPEF, will have four pillars. They include trade and supply-chain stability. The third pillar is clean energy, de-carbonization and infrastructure. The fourth pillar deals with taxes and anti- corruption measures.

Through the framework, Quad aims to boost economic growth and bring clear benefits to the people of the region.

The document adds that the Quad will start the process of establishing the framework, and will continue to welcome interested countries.

US officials are hoping for the participation of the Association of Southeast Asian Nations. But some of the member states are cautious about joining the IPEF, citing a lack of benefits such as tariff cuts.

The National Security Council said the US would launch IPEF with an “initial range of diverse partners” that would show its “far reaching ambition”.

We’re pleased to see the strong interest in IPEF from the region, said Saloni Sharma, NSC spokesperson, who disputed any characterisation that the vision and substance of the framework had changed after the article was first published.

Countries have different domestic and legal requirements and anyone who has ever negotiated a joint statement would tell you not to focus on a single word but focus on the strong outcomes that it will lead to, she added.

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