India signed and exchanged the first-of-its-kind agreements focused on Clean Economy, Fair Economy, and the IPEF Overarching arrangement under Indo -Pacific Economic Framework (IPEF) for prosperity, on 21st September, 2024 at Delaware USA.
Overarching Agreement
- The Overarching Agreement is an administrative agreement establishing an oversight Ministerial-level mechanism.
- This Agreement seeks to establish a high-level political oversight framework at the Ministerial level over the various individual IPEF agreements while setting general guidance and goals, and guiding Leaders’ vision and mandate for IPEF.
About Indo -Pacific Economic Framework (IPEF) for prosperity
- IPEF was launched on 23 May 2022 at Tokyo, Japan, comprising 14 countries – Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and USA.
- The IPEF seeks to strengthen economic engagement and cooperation among partner countries with the goal of advancing growth, economic stability and prosperity in the region.
- The framework is structured around four pillars relating to Trade (Pillar I); Supply Chain Resilience (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV).
- India has ratified Agreement on Supply Chain Resilience (Pillar II) in February 2024 and has maintained an observer status in Pillar-I.
