The union cabinet is set to consider the commerce ministry’s proposal to approve the signing of agreements within the fourteen member Indo-Pacific Economic Framework for Prosperity (IPEF). In a recent development in Singapore, 13 members of the IPEF bloc signed agreements, with India indicating its intention to finalize approval domestically before signing.
The agreement on a clean economy aims to accelerate energy security efforts, transition to cleaner energy sources, climate resilience, greenhouse gas emissions mitigation, and innovation in reducing reliance on fossil fuels. It also emphasizes technical cooperation, workforce development, capacity building, and research collaborations to promote clean energy technologies.
The agreement on a fair economy seeks to establish a transparent and predictable business environment among member countries to boost trade and investment. It includes measures to combat corruption, strengthen anti-corruption frameworks, enhance tax transparency, and facilitate information exchange for tax purposes.
Launched in Tokyo on May 23, 2022, by the US and other Indo-Pacific partners, the IPEF framework is structured around pillars focusing on trade, supply chains, clean economy, and fair economy. India has participated in all pillars except for trade.
As reported by republicworld.com, the fourteen member IPEF bloc includes Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US, and Vietnam.
