IPEF versus Rcep

The IPEF has military ramifications, but the Rcep does not

The Quadrilateral Security Dialogue or the Quad countries — India, the US, Japan and Australia — had a Summit meeting in Tokyo on May 24. The US had suggested an Indo-Pacific Economic Framework (IPEF) grouping of countries earlier, and the US President announced the formation of a 14-nation IPEF in Tokyo on May 23. 

Specifically, the IPEF includes the four Quad countries plus South Korea, New Zealand, Fiji and seven out of the 10 members of the Association of South-East Asian Nations (Asean). The stated objectives of the IPEF are to promote trade, clean energy, infrastructure and strengthen supply chains.