New Delhi: The government on Thursday said 13 IPEF (Indo-Pacific Economic Framework for Prosperity) bloc members have signed the Fair and Clean Economy agreements, while India will sign the agreement after getting domestic approval.
"India did not formally sign these agreements as domestic approval processes are still ongoing and will be completed after the formation of the new government," the commerce ministry said in a statement.
With the end of Lok Sabha elections this week, the process of government formation is going on in the country.
These agreements, negotiations for which were concluded in November last year, were signed in Singapore. Trade ministers and senior officials from 14 member states have gathered in Singapore for the ministerial meeting.The Indian delegation was led by Commerce Secretary Sunil Barthwal.
The 14-member IPEF bloc was jointly launched by the US and other partner countries in the Indo-Pacific region on May 23, 2022, in Tokyo. Together, they account for 40 percent of the world's economic output and 28 percent of trade.
This framework is structured around four pillars related to trade, supply chain, clean economy and fair economy. India has joined all the pillars except trade.
Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, USA and Vietnam are the members of this block.On November 14, 2023, IPEF announced an important conclusion of the negotiations
Comprehensive Agreement on an Indo-Pacific Economic Framework for a Clean Economy, Fair Economy and Prosperity.
Subsequently, IPEF partners completed a legal review of the text of these agreements and domestic approval processes.
“Today, IPEF members signed these agreements which are a first-of-its-kind approach to address the challenges of the 21st century and strengthen economic engagement in a critical region. India participated actively in the signing proceedings and ministerial discussions. "Participated from."
These agreements will enter into force after at least five IPEF partners have completed their internal legal processes for ratification, acceptance or approval.The Agreement on Clean Economy aims to accelerate the efforts of IPEF partners towards energy security and transition, climate resilience and adaptation, GHG (greenhouse gas) emissions mitigation; Explore/develop innovative ways to reduce dependence on fossil fuel energy; Promote technical cooperation, workforce development, capacity building and research collaboration; and cooperate to facilitate the development, access and deployment of clean energy and climate-friendly technologies.
The agreement will facilitate investment, concessional financing, joint collaborative projects, workforce development and technical assistance.
Furthermore, the Agreement on a Fair Economy aims to create a more transparent and predictable business environment that can promote greater trade and investment in Member States' markets; Enhance efforts to prevent and combat corruption by strengthening anti-corruption frameworks, supporting efforts to improve tax transparency and exchange information for tax purposes between competent authorities.
"India did not formally sign these agreements as domestic approval processes are still ongoing and will be completed after the formation of the new government," the commerce ministry said in a statement.
With the end of Lok Sabha elections this week, the process of government formation is going on in the country.
These agreements, negotiations for which were concluded in November last year, were signed in Singapore. Trade ministers and senior officials from 14 member states have gathered in Singapore for the ministerial meeting.The Indian delegation was led by Commerce Secretary Sunil Barthwal.
The 14-member IPEF bloc was jointly launched by the US and other partner countries in the Indo-Pacific region on May 23, 2022, in Tokyo. Together, they account for 40 percent of the world's economic output and 28 percent of trade.
This framework is structured around four pillars related to trade, supply chain, clean economy and fair economy. India has joined all the pillars except trade.
Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, USA and Vietnam are the members of this block.On November 14, 2023, IPEF announced an important conclusion of the negotiations
Comprehensive Agreement on an Indo-Pacific Economic Framework for a Clean Economy, Fair Economy and Prosperity.
Subsequently, IPEF partners completed a legal review of the text of these agreements and domestic approval processes.
“Today, IPEF members signed these agreements which are a first-of-its-kind approach to address the challenges of the 21st century and strengthen economic engagement in a critical region. India participated actively in the signing proceedings and ministerial discussions. "Participated from."
These agreements will enter into force after at least five IPEF partners have completed their internal legal processes for ratification, acceptance or approval.The Agreement on Clean Economy aims to accelerate the efforts of IPEF partners towards energy security and transition, climate resilience and adaptation, GHG (greenhouse gas) emissions mitigation; Explore/develop innovative ways to reduce dependence on fossil fuel energy; Promote technical cooperation, workforce development, capacity building and research collaboration; and cooperate to facilitate the development, access and deployment of clean energy and climate-friendly technologies.
The agreement will facilitate investment, concessional financing, joint collaborative projects, workforce development and technical assistance.
Furthermore, the Agreement on a Fair Economy aims to create a more transparent and predictable business environment that can promote greater trade and investment in Member States' markets; Enhance efforts to prevent and combat corruption by strengthening anti-corruption frameworks, supporting efforts to improve tax transparency and exchange information for tax purposes between competent authorities.
