At the recent Quad summit in Japan, the US announced an Indo pacific economic framework for prosperity (IPEF) which was joined by 13 nations of the Indo Pacific region: United States, Australia, Brunei Darussalam, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam. Together these countries contribute 40% of world GDP. The main objective of the economic framework is to compete with China’s rising economic and strategic influence in the region and enable the US to take a leadership role in setting standards and rules in the emerging economic sectors, namely: the Digital and the…
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