INDO-PACIFIC ECONOMIC FRAMEWORK (Syllabus: GS Paper 2 – IR)

News-CRUX-10     23rd October 2023        
output themes

Context: India has proposed collaboration on biofuels within the Indo-Pacific Economic Framework (IPEF) on the lines of the G20 Global Biofuels Alliance to ensure energy security, affordability and accessibility through sustainable biofuels

Indo-Pacific Economic Framework (IPEF)

  • About: It is a US-led initiative with the primary objective of strengthening economic partnership among participating countries. 
  • Aim: To enhance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.
  • Launch: The IPEF was officially launched in 2021 and started with a dozen initial partner countries.
  • Partners: These partners collectively represent a substantial 40% of the world's Gross Domestic Product (GDP).
  • Members: Currently, India and 13 countries located in the Pacific Ocean are its members.

o Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, and Vietnam.

Global Biofuel Alliance

  • About: It is an initiative by India as the G20 Chair. The Alliance intends to expedite the global uptake of biofuels by facilitating technology advancements, intensifying the utilization of sustainable biofuels, and shaping robust standard setting and certification through the participation of a wide spectrum of stakeholders.
  • Aim: To serve as a catalytic platform, fostering global collaboration for the advancement and widespread adoption of biofuels.
  • Function: The alliance will also act as a central repository of knowledge and an expert hub.
  • Countries involved: India, Singapore, Bangladesh, Italy, USA, Brazil, Argentina, Mauritius and UAE.
Samadhaan