Indo-Pacific Economic Framework (IPEF)
The Indo-Pacific Economic Framework (IPEF) is a regional forum initiated by the US Biden administration mainly motivated by strategic competition with China, to secure alternative supply chains. Proponents say IPEF will strengthen economic cooperation between its participants and include high labour and environmental standards; a digital trade framework; open and predictable supply-chains, investment in de-carbonisation and clean energy and transparent tax and anti-corruption standards. See the 'Four Pillars' negotiating objectives here. IPEF does not include market access commitments like lower tariffs. The main incentives are increased investment and capacity building projects.