The IPEF is a U.S.-driven proposal intended to foster strong relationships among participating countries and "create a stronger, fairer, more resilient economy for families, workers, and businesses in the United States and in the Indo-Pacific region," the White House said. Member countries, aside from the U.S., include Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam — though others could eventually join.
The specific details of the framework are still being negotiated, but will focus on four main policy pillars, each of which will be led by an individual U.S. agency: (1) Connected Economy, which covers higher standards and rules for digital trade; (2) Resilient Economy, which pertains to supply chain resilience; (3) Clean Economy, which targets green energy and infrastructure commitments; and (4) Fair Economy, which covers tax and corruption topics, as well as the implementation of fair trade, CNBC and the Center for Strategic & International Studies report. Countries that sign onto the framework can choose to join some or all of the four pillars, though they are "expected to commit to all aspects of each pillar they join," CSIS writes.
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