PGII (Syllabus: GS Paper 2 – Internation Relations)

News-CRUX-10     20th November 2023        

Context: The Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles recently participated in the Investor Forum of the Partnership for Global Infrastructure and Investment (PGII) & and Indo-Pacific Economic Framework for Prosperity (IPEF).

Partnership for Global Infrastructure Investment (PGII)

  • About: It is a West-led initiative for funding infrastructure projects across the world, seen as a counter to China’s Belt and Road Initiative (BRI).
  • Announced: June 2021, during the G7 (or Group of Seven) summit in the UK. In 2022, during the G7 summit in Germany, the PGII was officially launched as a joint initiative to help fund infrastructure projects in developing countries through public and private investments.
  • G7 Countries: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
  • Aim: To mobilise nearly $600 billion from the G7 by 2027 to invest in critical infrastructure that improves lives and delivers real gains for all of our people.”

Indo-Pacific Economic Framework for Prosperity (IPEF)

  • History: The Indo-Pacific Economic Framework (IPEF) was launched by United States (US) in Tokyo at the QUAD summit on May 23, 2022.
  • Aim: The framework intends to “advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness” in these economies.