From UPSC perspective, the following things are important :
Prelims level : ASEAN, IPEF
Mains level : Read the attached story
US President Joe Biden will host leaders and top officials of the Association of Southeast Asian Nations (ASEAN) in Washington DC.
- ASEAN is a political and economic union of 10 member states in Southeast Asia.
- It brings together ten Southeast Asian states – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – into one organisation.
- It was established on 8th August 1967 in Bangkok, Thailand with the signing of the Bangkok Declaration by the founding fathers of the countries of Indonesia, Malaysia, Thailand, Singapore, and the Philippines.
- The preceding organisation was the Association of Southeast Asia (ASA) comprising of Thailand, the Philippines, and Malaysia.
- Five other nations joined the ASEAN in subsequent years making the current membership to ten countries.
Why in news?
(A) Political purpose
- ASEAN’s ‘Five Point Consensus’ to end the turmoil in Myanmar has not progressed since it was released in April last year.
- In addition to discussing Myanmar, leaders are also expected to discuss Ukraine as well as regional issues.
(B) Economic purpose
- It is expected to discuss his administration’s economic plan for the region — the Indo Pacific Economic Framework (IPEF) — during this week’s summit.
- The framework will structure cooperation across several pillars from infrastructure and supply chains to taxation.
What is Indo Pacific Economic Framework (IPEF)?
- The proposed IPEF is the Biden administration’s answer to questions about the United States’ economic commitment to the vital Indo-Pacific region.
- IPEF will consist of four “pillars” of work:
- Fair and resilient trade (encompassing seven subtopics, including labor, environmental, and digital standards)
- Supply chain resilience
- Infrastructure, clean energy, and decarbonization
- Tax and anti-corruption