India has joined the three pillars of the US-led Indo-Pacific Economic Forum for Prosperity (IPEF) initiative but has skipped the crucial connected economy (trade pillar).
Key points
- India has joined three of the four IPEF pillars, such as the resilient economy (supply chain), clean economy (clean energy, decarbonisation, and infrastructure) and fair economy (anti-corruption, anti-money laundering and tax) at the framework’s first in-person ministerial meeting in Los Angeles on September 9.
- Union Minister of Commerce and Industry Shri Piyush Goyal attended the first in-person Ministerial meeting of the India-Pacific Economic Forum (IPEF).
- Interacting with media on the side-lines of the IPEF Ministerial Meeting, the Minister had assured that India will take decisions on different aspects of the frameworks of IPEF based on national interest.
About Indo-Pacific Economic Forum for Prosperity (IPEF)
- The Indo-Pacific Economic Forum for Prosperity (IPEF) is being viewed as a mechanism to counter the aggressive and non-transparent trade and economic policies of China.
- The IPEF is a grouping of 14 countries in the Indo-Pacific region.
- The forum make up over 40% of the global GDP.
- The 14 members of IPEF are Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and the US.
