INDIA ATTENDS IPEF MINISTERIAL MEETING
- 25 Sep 2024
In News:
Recently, the Union Commerce and Industry Minister Piyush Goyal joined a virtual meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF) alongside representatives from 13 other partner countries. This meeting marked the third gathering focused on the framework's key pillars: Supply Chain Resilience, Clean Economy, and Fair Economy.
Key Agreements and Future Steps
- Entry into Force of Agreements:
- The IPEF partners celebrated the upcoming implementation of the Clean Economy Agreement and the Fair Economy Agreement on October 11 and October 12, 2024, respectively. These agreements aim to enhance economic cooperation and deliver tangible benefits to member nations.
- Supply Chain Resilience:
- The ministers discussed the progress in operationalizing the Supply Chain Agreement, emphasizing collaborative efforts to create more competitive and resilient supply chains. Key actions include:
- The formation of action plan teams for critical sectors like semiconductors, critical minerals, and chemicals, addressing vulnerabilities revealed during the COVID-19 pandemic.
- India's election as Vice Chair of the Supply Chain Council, which aims to streamline communication and cooperation among member countries.
- The ministers discussed the progress in operationalizing the Supply Chain Agreement, emphasizing collaborative efforts to create more competitive and resilient supply chains. Key actions include:
- Clean Economy Initiatives:
- The Clean Economy Agreement focuses on energy security, climate resilience, and reducing fossil fuel dependence. Ministers acknowledged the advancement of eight Cooperative Work Programs (CWPs) addressing topics such as hydrogen and carbon markets.
- The first IPEF Investor Forum, held in Singapore, facilitated discussions on investment opportunities in climate-friendly technologies.
- Fair Economy Measures:
- The Fair Economy Agreement aims to bolster anti-corruption measures and improve tax administration efficiency. Upcoming workshops will address foreign bribery laws and public procurement oversight.
- India highlighted its own anti-corruption measures and commitment to transparency under Prime Minister Modi's leadership.
About IPEF
Launched on May 23, 2022, in Tokyo, IPEF includes 14 countries: Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, and the USA. The framework seeks to enhance economic engagement, stability, and prosperity across the Indo-Pacific region through its four key pillars: Trade, Supply Chain Resilience, Clean Economy, and Fair Economy.