NEW DELHI : India represented by the Minister of Commerce and Industry Shri Piyush Goyal has signed the Supply Chain Agreement along with the other 13 partner countries in the Indo-Pacific Economic Framework for Prosperity (IPEF). The signing of the IPEF Supply Chain Agreement marked a significant milestone during the Ministerial Meeting, following the substantial conclusion of negotiations in May 2023. A Pillar-wise Press Statement was issued, elucidating the contours and efforts planned under each of the substantially concluded Pillars.
The third Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting convened in San Francisco, California, on November 14, 2023, with the United States hosting the event. Shri Piyush Goyal, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, actively participated in the Ministerial meeting, representing India on this crucial platform.
The IPEF was jointly launched by the USA and partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo. Comprising 14 partner nations, including Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, and the USA, the framework aims to strengthen economic engagement among these countries, with the overarching goal of advancing growth, peace, and prosperity in the region.
Structured around four pillars, the framework addresses Trade (Pillar I), Supply Chains (Pillar II), Clean Economy (Pillar III), and Fair Economy (Pillar IV). While India holds an observer status in Pillar I, it has actively participated in Pillars II to IV. At the San Francisco Ministerial Meeting, substantial progress was achieved in negotiations under Pillar III (Clean Economy), Pillar IV (Fair Economy), and the Agreement on the Indo-Pacific Economic Framework for Prosperity, which aims to establish a ministerial-level council and a commission.
In the Clean Economy (Pillar III), IPEF partners are committed to advancing cooperation on research, development, commercialization, availability, accessibility, and deployment of clean energy and climate-friendly technologies.
Shri Goyal, in his intervention, emphasised the imperative for increased collaboration among partners in the research and development of innovative and affordable climate-friendly technologies. He underscored the need to prioritise the implementation of Cooperative work programs envisaged under this pillar, including the hydrogen supply chain initiative and other proposals in the pipeline, such as India’s initiatives for biofuels and e-waste recycling.
Under the Fair Economy (Pillar IV), the IPEF partners are dedicated to strengthening the implementation of effective anti-corruption and tax measures to enhance commerce, trade, and investment among the economies involved.
The Union Minister, in his intervention, highlighted the key benefits expected from the Agreement, emphasising enhanced information sharing among partners, facilitating asset recovery, and strengthening cross-border investigations and prosecutions. He stressed that these measures would fortify the collective resolve to combat corruption, money laundering, and terror financing, demonstrating a commitment to fostering a fair and transparent economic environment in the Indo-Pacific region.