Indo-Pacific Economic Framework: 14 nations mark pact with supply chain agreement signing
Nov 17, 2023
New Delhi [India], November 17 : The 14 partner countries of the Indo-Pacific Economic Framework for Prosperity (IPEF) achieved a significant milestone by signing the IPEF Supply Chain Agreement during the third Ministerial Meeting in San Francisco.
Led by Union Minister for Commerce and Industry, Piyush Goyal, the meeting marked the substantial conclusion of negotiations for Pillar-III (Clean Economy), Pillar-IV (Fair Economy), and the Agreement on the Indo-Pacific Economic Framework for Prosperity, read the press release by the Ministry of Commerce and Industry.
Launched in May 2022, the IPEF aims to strengthen economic engagement among partner countries, fostering growth, peace, and prosperity in the region. The framework is built on four pillars- Trade, Supply Chains, Clean Economy, and Fair Economy.
In the Clean Economy (Pillar-III), partners commit to advancing cooperation on research, development, and deployment of clean energy and climate-friendly technologies.
Minister Piyush Goyal emphasized the need for increased collaboration in research and development of affordable, climate-friendly technologies, read the press release.
He also stressed the importance of prioritizing the implementation of cooperative work programs, including initiatives like the hydrogen supply chain and India's proposals for biofuels and e-waste recycling.
Under the Fair Economy (Pillar-IV), partners aim to strengthen anti-corruption and tax measures, promoting commerce, trade, and investment.
Goyal highlighted the benefits of enhancing information sharing, facilitating asset recovery, and strengthening cross-border investigations, emphasizing the joint commitment to fighting corruption, money laundering, and terror financing, read the press release.
The IPEF Supply Chain Agreement, signed in May 2023, solidifies the commitment to a robust and resilient supply chain among partner countries.
Piyush Goyal called for redoubling efforts to ensure the expeditious implementation of all action-oriented collaborative elements, reinforcing the shared vision for economic prosperity in the Indo-Pacific region, read the release.
The meeting concluded with Pillar-wise press statements outlining the efforts and plans under each substantially concluded Pillar.
With India's active participation and leadership, the IPEF partners are poised to make significant strides in fostering a prosperous and sustainable economic future.
