The recent convening of the third Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting took place in San Francisco, California, on November 14, 2023, graciously hosted by the United States. In attendance was Shri Piyush Goyal, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, representing India at the Ministerial meeting.
Initiated jointly by the USA and various partner nations of the Indo-Pacific region, the IPEF was launched on May 23, 2022, in Tokyo. This framework comprises 14 partner countries, including Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, and the USA. Its primary objective is to bolster economic collaboration among partner countries, aiming to promote growth, peace, and prosperity in the region.
The framework is structured around four key pillars: Trade (Pillar I); Supply Chains (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV). India’s involvement in the IPEF includes active participation in Pillars II to IV, while maintaining an observer status in Pillar I. Notably, during the recent Ministerial Meeting, substantial negotiations were concluded under Pillars III (Clean Economy) and IV (Fair Economy), along with discussions on the Agreement on the Indo-Pacific Economic Framework for Prosperity, which seeks to establish a ministerial-level council and commission.
Furthermore, subsequent to the substantial conclusion of negotiations in May 2023 on the IPEF Supply Chain Agreement, the IPEF Ministers officially signed the agreement during the Ministerial Meeting in San Francisco. A comprehensive press statement was issued, delineating the contours and plans for each of the concluded pillars.
Under the Clean Economy (Pillar III), the IPEF partners aim to advance cooperation on various fronts, including research, development, commercialization, accessibility, and deployment of clean energy and climate-friendly technologies. Shri Goyal emphasized the necessity for increased collaboration among partners in innovative and cost-effective climate-friendly technologies. He also underscored the urgency to prioritize the implementation of cooperative work programs, such as India’s proposal for biofuels and e-waste recycling, along with the hydrogen supply chain initiative.
In the Fair Economy (Pillar IV), the IPEF partners focus on strengthening the implementation of anti-corruption and tax measures to enhance commerce, trade, and investment among member economies. Shri Goyal highlighted the benefits of enhanced information sharing, facilitating asset recovery, and reinforcing cross-border investigations and prosecutions. He emphasized that this concerted effort would fortify the collective resolve to combat corruption, money laundering, and terror financing.