Joe Biden to formally launch IPEF in Japan to enhance US engagement in Indo-Pacific region

Looking at the greater engagement of the United States of America in the Indo-Pacific region, American President Joe Biden is set to formally launch the Indo-Pacific Economic Framework (IPEF) in Tokyo on Monday. The initiative is expected to help the South East Asian countries in countering growing Chinese aggression in the region. However, the rollout of the new plan comes amid criticisms that it offers scanty benefits to the nations in the region.

What is IPEF?

IPEF stands for Indo-Pacific Economic Framework (IPEF), a programme aimed at binding South East Asian countries more closely through the point of supply-chain, infrastructure, global climate challenges, and digital trade. Ahead of Biden's trip, US NSA Jake Sullivan had described the initiative as a "wide-ranging and comprehensive" platform for nations in the region and a "significant milestone for the US" to show support and commitment. Speaking to the reporters during a White House briefing, Sullivan stated that the IPEF is "not a trade agreement...or a security arrangement." He added, "It is a modern negotiation designed to deal with modern challenges."

The IPEF is understood to be a platform to draw significant investment to provide a new push for economic initiatives in the Indo-Pacific. It is Washington's tool to reduce China's trade footprint that grew manifold in the absence of any key trading deals with the nations in the region after the US withdrawal from the trans-Pacific trade deal during Donald Trump. According to people close to the matter, there are no binding contracts, and the participants will be on a "pick and choose" basis with the participants opting for the pillars they wish to collaborate on.

PM Modi to attend the unveiling of IPEF

Indian Prime Minister Narendra Modi will attend the launch of the regional economic plan. He arrived in Tokyo on Sunday to participate in the QUAD Summit, alongside his US, Japanese and Australian counterparts. However, participation in the inaugural event does not indicate India will be a part of the initiative. Ministry of External Affairs spokesperson Arindam Bagchi said. "We have received details of this. And we are examining it. At this point, that’s all I have to say. I would not be in a position to prejudge what might happen in Tokyo or the future, but as I said, we are looking into the initiative."