GG News Bureau
New Delhi, 15th March. Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Piyush Goyal, participated in the first Ministerial meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF) this year.
The virtual meeting, attended by various dignitaries including U.S. Secretary of Commerce Gina Raimondo and Thai Deputy Prime Minister and Foreign Minister Parnpree Bahiddha-Nukara, focused on Pillars II-IV of the framework.
During the meeting, significant progress made since the conclusion of negotiations for the proposed IPEF agreements in November 2023 was acknowledged. This includes the IPEF Clean Economy Agreement, the IPEF Fair Economy Agreement, and the overarching Agreement on IPEF. The partners also discussed the ongoing cooperative work ahead across these agreements.
Minister Goyal emphasized the importance of expeditious implementation of action-oriented collaborative elements under various IPEF Pillars. Highlighting India’s global production capacities in critical sectors, he invited investors from IPEF partners to benefit from the opportunities India provides in the clean economy domain, citing projects like the ‘Prime Minister Surya Ghar Muft Bijli Yojana.’
The meeting also announced plans for concrete outcomes under the Framework, including the launching of Cooperative Work Programs (CWPs) under the Clean Economy pillar and the inaugural IPEF Clean Economy Investor Forum scheduled for June 2024 in Singapore.
Furthermore, the IPEF partners discussed the next steps for the agreements and announced an in-person Ministerial meeting in Singapore in June 2024 to discuss the Supply Chain Agreement, the Clean Economy Agreement, the Fair Economy Agreement, and the Agreement on IPEF.
The IPEF partners have completed the legal review process and finalized the texts for the proposed agreements. Now, they will undertake respective domestic processes to prepare for the signature, followed by acceptance, approval, or ratification of the agreements.
The IPEF aims to enhance collaboration and cooperation among its member countries to accelerate clean energy transition, promote a transparent trade and investment environment, and foster economic prosperity in the Indo-Pacific region.
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