The Indo-Pacific Economic Framework for Prosperity (IPEF), a 14-member grouping including India, the US and Australia, is losing relevance under US President Donald Trump's aggressive trade strategy, think tank GTRI said on Tuesday. The IPEF was launched jointly by the US and other Indo-Pacific partner countries on May 23, 2023, in Tokyo. The 14 partners represent 40 per cent of global GDP and 28 per cent of global goods and services trade.