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South Korea is a technological powerhouse and a key part of the global supply chain. It’s now also ...

That India has said it will temporarily withdraw from the trade negotiations under the framework of the "Indo-Pacific Economic Framework For Prosperity", on the grounds that it can see no benefits in being part of it, undoubtedly deals a heavy blow to the United States as Washington regards the country as an indispensable partner in its efforts to contain China.

While Japan and the United States recently agreed to coordinate in building a new rules-based economic order in the Indo-Pacific region to counter China's growing clout, whether the framework can prosper and remain effective largely depends on its members gaining concrete benefits, analysts said.

Korea and 13 other member nations of the Indo-Pacific Economic Framework have agreed to kick off official negotiations to boost regional economic cooperation facing multiple economic challenges, according to Seoul's trade ministry.

Assessing the impact of the foundational changes and structural transformation that has happened in the last few years, Goyal mentioned that CII estimates India in 2047 to be a $35-45 trillion economy, taking India into the league of developed nations