CURRENT AFFAIRS

Detailed explanation-1: -In May 2022, the United States launched the Indo-Pacific Economic Framework for Prosperity (IPEF) with Australia, Brunei Darussalam, Fiji India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.

Detailed explanation-2: -There are 14 countries participating in the Indo-Pacific Economic Framework (IPEF): the United States, Japan, Australia, New Zealand, the Republic of Korea, India, Fiji, and seven ASEAN countries (Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam).

Detailed explanation-3: -The Indo-Pacific Economic Framework for Prosperity: A new approach to trade and economic engagement. The new Indo-Pacific Economic Framework for Prosperity initiative between the United States and 13 other countries strives toward a connected, resilient, clean, and fair economy.

Detailed explanation-4: -After two days of talks, they announced IPEF’s negotiating objectives. These objectives described what the United States, Japan, Australia, India, and all of these other countries want in terms of resilient, clean, fair, and connected economies.