Article: Unraveling Friendshoring in the Indo-Pacific Economic Framework for Prosperity and Forging a Novel Form of Standard Setting

Abstract

The Indo-Pacific Economic Framework for Prosperity (IPEF) signifies an important attempt by the United States of America (US) to establish a strategic presence in the Indo-Pacific region, following its setback in the Trans-Pacific Partnership (TPP). The Biden administration actively promotes IPEF as an economic initiative aimed at countering Chinese hegemony in the region, exemplifying the push for friendshoring. Nevertheless, the distinctive architecture of IPEF demands attention, the non-binding commitments not only makes it an appealing initiative for heterogenous interests in the Indo-Pacific region but also heralds a new era of rulemaking in international trade. The article attempts to undertake a nuanced exploration of the growth of friendshoring in the wake of global supply chain disruptions with the examination of IPEF in the Indo-Pacific Region. It further examines the political and economic strategies employed to rebuild trust with Indo- Pacific nations and finally integrate India and US into the network of economic partnerships in the region. Such an exploration facilitates a deeper appreciation of how the non-binding commitments within IPEF usher in a new era of rulemaking in international trade through standard setting, reminiscent of the ‘Brussels Effect’ and ‘California Effect’. friendshoring, IPEF, US, India, supply chains, Indo-Pacific, ESG, standards