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On May 23, American President Joe Biden launched the Indo-Pacific Economic Framework for Prosperity (IPEF), with 13 majors of this region on board. Together, these countries represent 40% of world GDP.

 The countries joining IPEF are Australia, Brunei, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. The 13 countries have invited participation from additional Indo-Pacific partners that share common goals, interests, and ambitions for the region. So, more countries are likely to join this initiative in the coming days.

In the past few years, America’s investment in this region is continuously increasing. U.S. foreign direct investment in the region totaled more than $969 billion in 2020 and has nearly doubled in the last decade.  A connected, resilient, clean, and fair economy is the key pillar of America’s new initiative. This is a new effort to engage in this region economically after the U.S withdrew from Trans-Pacific Partnership known as TPP.

The aim of the new framework is to contain China’s growing economic influence in the Indo-Pacific Region.  Soon after the inaugural, American Secretary of Commerce Gina Raimondo said that it marks an important turning point in restoring U.S. economic leadership in the region and presenting Indo-Pacific countries with alternatives to China’s approach to these critical issues.

India whose relationship with China remains strained after 2020 has fully backed the Biden’s initiative.  Speaking at the inaugural session, Indian Prime Minister Narendra Modi said it is a declaration of our collective will to make the region an engine of global economic growth. He said there should be three main pillars of resilient supply chains: trust, transparency, and timeliness. Like another regional trade pact, the new one, however, does not provide any details.

China has strongly opposed IPEF saying that it is designed to advance US geopolitical strategy. In the name of cooperation, the framework seeks to exclude certain countries, establish US-led trade rules, restructure the system of industrial chains, and decouple regional countries with the Chinese economy, Chinese Foreign Ministry Spokesperson Wang Wenbin said on May 25. He further said: “The fact is, many countries in the region are worried about the huge cost of “decoupling” with China. People will see clearly that the Indo-Pacific Economic Framework is a design to disrupt regional cooperation and a tool to coerce regional countries.”

The new framework seeks to build high-standard, inclusive, free, and fair trade commitments. Further, it aims to develop new and creative approaches in trade and technology policy that advance a broad set of objectives that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers.

The framework has committed to promoting fair competition by enacting and enforcing effective and robust tax, anti-money laundering, and anti-bribery regimes in line with existing multilateral obligations, standards, and agreements to curb tax evasion and corruption in the Indo-Pacific region. This involves sharing expertise and seeking ways to support capacity building necessary to advance an accountable and transparent system. The framework also plans to advance regional economic connectivity and integration through consultations among partners.

Minister of Industry, Commerce, and Supplies Dilendra Prasad Badu has said the Consumer Protection Council would be made active by making and amending the related act, rules and policies (if any).

The minister, also chair of the Council, made this statement at a meeting of the Council that took place four years after the formation of the Consumer Protection Act, 2018. The Council was formed to make policy on the matter of protection and implementation of the rights of consumers

Highlighting the current matters like that of inflation and price increment of daily essentials, he said the government at all levels, private sector and consumers should be responsible, disciplined and cautious to end such things. "The citizens have been raising questions regarding the lack of efficacy of government mechanism to stop unusual inflation and other malpractices in the market.

The government at all levels, its bodies and offices should regularly monitor the market with utmost dedication and discipline to end the problems and help from all is the need of the hour," he said.

Among other matters discussed in the meeting were the need for the Department and all federal regulatory bodies to coordinate with all the stakeholders, including the provincial government regarding the matter of laws amendment, supply management, consumer protection and market monitoring so as to grant authority to the market monitoring mechanism at the provincial and local levels.

Sri Lanka's Prime Minister Ranil Wickremesinghe was appointed as Finance Minister of the debt-ridden country on May 25 by President Gotabaya Rajapaksa, an official statement said, The Hindu reported.

Mr. Wickremesinghe, 73 was sworn in as the Minister of Finance, Economic Stability and National Policies.

The five-time Prime Minister was re-appointed to the job on May 12 following the political circus precipitated by the unprecedented economic crisis in the island’s history. He replaced Mahinda Rajapaksa who resigned to make way for his brother’s plan to appoint an all-party interim government to handle the economic crisis.

Mr. Wickremesinghe’s office said during the two weeks he had been at the helm. He re-established the island’s foreign relations, took steps for constitutional reform with the draft of the 21 amendments to the constitution, ensured fuel supplies and has been making preparations for an interim budget, according to The Hindu.

Mr. Wickremesinghe with just his seat in the 225-member Assembly relies on all political parties to support him in his immediate task of reviving the ailing economy. Sri Lanka declared bankruptcy in mid-April saying it was unable to meet its international debt payments this year. 

President Rajapaksa on May 20 expanded the Cabinet to include nine Ministers, but did not appoint a Finance Minister. Ministers of a few portfolios including education, ports and shipping, health, justice, trade were sworn in. For the second time, on May 23, Mr. Rajapaksa expanded the Cabinet by inducting eight more Ministers but even this time he did not appoint a Finance Minister. The new Ministers inducted during the second time of the Cabinet expansion belong to the ruling Sri Lanka Podujana Peramuna and its allies — the SLFP and the EPDP, a Tamil minority party in the north, The Hindu reported.

Independent candidate Balen Shah and CPN-UML candidate Sunitia Dangol are all set to become the new mayor and deputy mayor of Kathmandu Metropolitan City.

Shah will replace Bidya Subdar Shakya while Dangol will replace Hari Prabha Khadgi.

Though the voting counting is still underway in some wards of the metropolitan city, Shah and Dangol have ensured their victory for the post of mayor and deputy mayor respectively.

Shah has received 59, 149 votes against his closest contender Srijana Singh of Nepali Congress is trailing with 37, 542 votes. He is leading by 21, 607 votes.

CPN-UML candidate Keshav Sthapit is third with 37, 218 votes.

Dangol has garnered over 64, 000 votes in the deputy mayoral race.

Rameshwar Shrestha of CPN (Unified Socialist) is lagging far behind.