According to many international relations analysts, the Indo-Pacific Economic Framework for Post-Priority or IPDF is going to be the world's largest multilateral economic initiative. This idea is being discussed very strongly in the political economic market for the past few weeks.
During the announcement of this new economic initiative called the Indo-Pacific Economic Framework in Japan, Joe Biden said very loudly that we are going to create a new trend of the economy of the 21st century through this. The question is what is the Indo Pacific Economic Framework? It is necessary to understand some things first. It can be said with certainty that the leader of this economic initiative is the United States. Therefore, to understand the whole issue, we need to understand the Indo-Pacific region and the attitude of the United States around this region.
First of all, what is the attitude of the United States towards international politics? The United States wants to see itself as a superpower in world politics. Americans always try to prevent the emergence of a stronger country. So the United States itself wants to maintain its political, economic and geographical dominance in the world besides becoming a powerful state.
Second, US economic access. They always want to ensure their maximum access to global resources and world markets. As a result, the Allied Powers adopted various economic plans for that purpose. And through this economic planning creates trade barriers for competing countries. Don't hesitate to impose economic sanctions if necessary. Which could eventually lead to military intervention.
Third is the mutual understanding of the United States with its allies. The United States tries to maintain its hegemony around the world through its allies. Again, using the influence of the United States in the international arena, the allies achieved their interests.
Fourth is the focus of international politics. After the Second World War, wherever the United States intervened, the region became the focus of pseudo-politics. The Berlin Blockade, the rise of Israel, the Korean War, the Cuban Missile Crisis, the Vietnam War, the Afghanistan War. This is understandable if we look at the involvement of the United States in the politics of the Arab Spring and the Middle East in the last two decades. In other words, the direction of international politics has mainly depended on the United States. In the last two decades we have seen a unipolar world order led by the United States. Where the United States was the sole power. In the third decade of the twenty-first century, the world is standing in front of another kind of world system. Where not only the United States, but also China, Russia, France, North Korea, etc. have emerged as superpowers.
A few days ago, Russia and the United States attacked Ukraine without any regard for the world order. However, when these many states try to control the world, it is called a multipolar world system. In the 21st century, China's developing military economic science and technology, air, land, maritime dominance, etc. presented them as the main competitor of the United States. China's economy has already surpassed that of the United States. Therefore, the United States has undertaken projects like the Indo-Pacific Strategic Vision, Ward, Bill Pack Works for this region. What does the Indo-Pacific region mean this time? What is the Indo-Pacific Economic Framework? The United States calls this Asia Pacific region the Indo-Pacific region. Which basically reaches a wide area consisting of the Far East, South and Southeast Asia and the Asian continent. The international trade route through the Strait of Gibraltar to the Mediterranean Sea, crossing the Suez Canal, the Red Sea, then the Bay of Bengal and the Straits of Malacca to the South China Sea extends across this region. One third of the world's economy is traded through this route. In a few years, two-thirds of the world's economic growth will be in this region.
Now, in one word, an economic initiative taken by the United States to establish strong and continuous economic relations with the countries of the Indo-Pacific region is called the Indo-Pacific Economic Framework. The Indo-Pacific Economic Framework is an alternative approach to China's plans in the region. US National Security Adviser Jack Sullivan believes that it will strengthen the relations of its allies with the US, which will play an important role in the path of their integrated economic prosperity. In addition to the United States, it initially includes twelve countries, including the Coward countries, Australia, India and Japan. Moreover, ASEAN countries include Bunai, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam. Along with South Korea and New Zealand. In addition to controlling China's hegemony in the Indo-Pacific region, the Corona epidemic and Russia's military intervention in Ukraine have played an important role in accelerating this economic initiative. The time of Corona has seen how the pandemic has disrupted supply chains around the world. Factories were closed. Cargo ships were delayed in delivering their goods. Coin memorabilia has increased all over the world. Along with Russia's intervention in Ukraine, it can be seen that the price of food and fuel in the world market increases dramatically. The Indo-Pacific Economic Framework is being viewed seriously by the United States and its allies as an attempt to overcome the current economic crisis and post-corona economic recession. Such action of the United States in this region is not new, but in 2016, the Obama administration signed a multinational trade agreement called the Trans-Pacific Partnership TPP with thirteen countries in addition to the United States to maintain its dominance in the Indo-Pacific region. But after the Donald Trump administration came to power, the United States withdrew from this agreement.
The main purpose of this agreement was to reduce tariff and non-tariff barriers to trade so that the signatory states could easily enter the US market. It is very strange, but after the United States withdrew from the Trans-Pacific Partnership, China wanted to sign this trade agreement. After the United States withdrew itself, it could not play an important role in protecting its economic interests in the region. As a result of this initiative of the United States. As the United States wants to reduce its dependence on China as much as possible in order to survive the trade war, the United States will try to create alternative markets in the Indo-Pacific region. India also needs the help of the United States to keep itself in a strong position in China's Tibet and Ladakh conflict with India.
The plan of the Indo-Pacific Economic Framework has been arranged based on four goals.
Where independent and favorable economic relations between the included countries are mentioned. Which will play an important role in increasing their national investment and the progress of stable development.
Apart from that, special attention has been paid to how small and medium businesses can benefit by using e-commerce platforms in the digital economic sector. In the context of the Corona epidemic and the Ukraine crisis, we have seen how supply systems around the world have collapsed. As a result currency inflation and energy crisis. Therefore, the main goal of this initiative is to increase the effectiveness of sea ports, to build free and strong trade routes. The Indo-Pacific Economic Framework will also focus on the use of renewable energy, decarbonisation, control of industrial carbon dioxide consumption, increasing efficiency in energy use, etc. This framework will always speak out against any force that undermines economic governance that ensures healthy economic competition in the region. In that case, money laundering tax or illegal transfer of economic information will be suppressed with strong hands. While there are some positives about the Indo-Pacific Economic Framework, there are also many criticisms. For example, when a country joins an economic bloc, it seeks duty-free trade access or trade without any tariff barriers. There is no opportunity for the Indo-Pacific countries to have such market facilities or tariff-free trade. Therefore, experts think that this economic initiative is not a win-win situation for the rest of the countries except the United States, Australia, and Japan. Implementation of such economic initiatives requires changing various laws and policies within a country. Various bureaucratic complications are major challenges in making this initiative successful. The US tech world will seek to dominate this economic framework by imposing various obligations and restrictions. This framework includes digital economic transparency, environmental protection, corruption, prevention of standards that the United States has set, which is almost impossible for many small countries to meet. Moreover, it is not yet clear how the Biden administration will provide economic and political support to the partner countries. Even the US Congress has expressed doubts about the responsibility of the IPF. It is also a matter of thinking how far this initiative will go if the foreign administration is not in the power of the United States. We have seen how Donald Trump withdrew himself from the TPP before. Only time will tell how much the Indo-Pacific economic framework can play a role in countering China's commercial dominance. However, the policy makers of Bangladesh must keep in mind how this trade war will affect small countries like Bangladesh in South Asia and Southeast Asia. Will talk about it another day.
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