The third Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting was held in San Francisco on November 14, 2023.
- It was hosted by the US. India was represented by Commerce and Industry Minister Piyush Goyal.
Key outcomes
- At the ministerial meeting, negotiations under the IPEF Pillar-III on Clean Economy, Pillar IV on Fair Economy and the agreement on the Indo-Pacific Economic Framework for Prosperity were substantially concluded.
- While the IPEF members signed the supply chain agreement under pillar-II, they have reached at a broad consensus over the clean economy (pillar-III).
- The four pillars of the framework are; Trade (pillar I), Supply chains (pillar II), Clean economy (pillar III), and Fair economy (pillar IV).
- Barring pillar I, India joined the other three pillars.
About IPEF
- IPEF was launched jointly by the US and 13 other partner countries of the Indo-Pacific region on May 23, 2022, at Japan’s Tokyo.
- The list of 14 countries includes Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Thailand, Vietnam & the US.
- IPEF seeks to strengthen economic engagement among partner countries with the goal of advancing growth, peace and prosperity in the region.
