The recent Ministerial Meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF) took place in San Francisco, California, on November 14, 2023, spearheaded by the United States. Shri Piyush Goyal, the Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, actively participated in this significant event.
IPEF was jointly initiated by the USA and other Indo-Pacific partner countries on May 23, 2022, in Tokyo. The framework comprises 14 partner nations, 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 fortify economic engagement among partner nations, fostering regional growth, peace, and prosperity.
The framework revolves around four fundamental pillars, addressing Trade, Supply Chains, Clean Economy, and Fair Economy. India has engaged in Pillars II to IV, assuming an observer status in Pillar I. The San Francisco Ministerial Meeting witnessed substantial progress in negotiations related to Pillar III (Clean Economy), Pillar IV (Fair Economy), and the Agreement on Indo-Pacific Economic Framework for Prosperity, aimed at establishing a ministerial-level council and commission.
Notably, the IPEF Ministers signed the IPEF Supply Chain Agreement during the Ministerial Meeting, following the earlier substantial conclusion of negotiations in May 2023. A detailed press statement highlighting the contours and proposed efforts under each substantially concluded Pillar was issued at the conclusion of the event.
Under the Clean Economy (Pillar III), the IPEF partners aim to collaborate on research, development, and deployment of clean energy and climate-friendly technologies. Shri Goyal stressed increased collaboration among partners in the development of affordable climate-friendly technologies and urged prioritization of cooperative work programs such as hydrogen supply chains, biofuels, and e-waste recycling.
In the Fair Economy (Pillar IV), the partners aim to enhance anti-corruption and tax measures to boost commerce, trade, and investment. Shri Goyal highlighted the benefits of enhanced information sharing, asset recovery, and cross-border investigations to counter corruption, money laundering, and terror financing. His interventions emphasized the importance of collective efforts to combat these issues effectively.