Indo-Pacific Economic Framework

  • Third Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting.
  • Held in San Francisco, California on 14 November 2023.
  • Hosted by the US.
  • Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal participated.

 

IPEF:

  • It was launched jointly by the USA and other partner countries of the Indo-Pacific region on May 23, 2022 at Tokyo.
  • It has 14 partner countries including Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam & USA.
  • To strengthen economic engagement among partner countries with the goal of advancing growth, peace and prosperity.
  • The framework is structured around four pillars:
  • Trade (Pillar I); Supply Chains (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV).
  • India had joined Pillars II to IV of IPEF while it has an observer status in Pillar-I.
  • At this Ministerial Meeting, negotiations under Pillar-III Pillar IV and the Agreement on IPEF for Prosperity.
  • It seeks to establish a ministerial-level council and a commission) were concluded.
  • Following negotiations on IPEF Supply Chain Agreement in May 2023, the IPEF Ministers signed the IPEF Supply Chain Agreement San Francisco Ministerial meeting.

 

Clean Economy (Pillar-III):

  • To advance cooperation on research, development, commercialization, availability, accessibility, and deployment of clean energy and climate friendly technologies.
  • Facilitate investment towards climate-related projects in the region.

 

Fair Economy (Pillar-IV):

  • To strengthen implementation of effective anti- corruption and tax measures to boost commerce, trade, and investment among IPEF economies.
Posted in Current Affairs.