Union Minister Shri Piyush Goyal recently participated in the Indo-Pacific Economic Framework for Prosperity (IPEF) Virtual Ministerial Meeting, alongside counterparts from various partner countries including the U.S., Thailand, and others. This meeting marked the first ministerial gathering of the year for the IPEF.
During the virtual meeting, discussions focused on the progress achieved since the substantial conclusion of negotiations for several proposed agreements within the IPEF framework, including the Clean Economy Agreement, the Fair Economy Agreement, and the Agreement on IPEF. Notably, the IPEF partners welcomed the entry into force of the IPEF Supply Chain Agreement, which became effective on February 24, 2024. Additionally, the texts of the proposed agreements were made public, signifying a significant step forward in the process.
Minister Goyal emphasized the importance of expeditious implementation of collaborative efforts outlined across various pillars of the IPEF framework. Specifically, he highlighted India’s potential in critical sectors and invited investors from IPEF partners to capitalize on opportunities in India’s clean economy domain.
Looking ahead, the IPEF partners discussed the next steps to deliver concrete outcomes, including the launch of new Cooperative Work Programs (CWPs) under the Clean Economy pillar and the hosting of the inaugural IPEF Clean Economy Investor Forum in Singapore. Furthermore, plans were announced to hold the next ministerial meeting in Singapore in June 2024 to further deliberate on the proposed agreements.
The IPEF framework aims to foster economic cooperation among its 14 regional partners, promoting initiatives for clean energy transition, enhancing trade and investment transparency, and bolstering supply chain resilience. With ongoing efforts and collaboration, the IPEF partners are committed to advancing economic prosperity and sustainability across the Indo-Pacific region.
