The most significant outcome of the Quad meeting was the unveiling of the Indo-Pacific Economic Framework (IPEF), a critical step in trying to evolve a rules-based trading order that is inclusive and open to all the member states in the region. It is this part of the deliberations that brings in the ASEAN states and other countries into the framework of the IPEF’s negotiations on trade matters. China’s punitive economic measures against nations like Australia and its economic sanctions backlash after South Korea’s THAAD controversy are clear examples. Among ASEAN states, the countries that are left out are Myanmar, Laos and Cambodia, while the remaining seven have come on board. While the verdict on the IPEF is still pending, it is undoubtedly an incremental step in the move towards a regional economic framework.

Source: Indian Express June 01, 2022 03:42 UTC