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Last week, India, the United States (US) and 12 other member countries of the Indo-Pacific Economic Framework (IPEF) entered into a supply chain resilience agreement (SCRA) that aims to improve coordination and response to supply chain disruptions of the sort witnessed during the Covid-19 pandemic.
The IPEF is a response of the US to its shrinking economic engagement and clout in East Asia, where the economic influence of China is growing. The US is not a party to the mega regional trade agreements in Asia, namely the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). So, the Biden administration came up with the idea of IPEF in 2022, roping in some like-minded Asian countries other than