Third IPEF Ministerial Meeting
- 20 Nov 2023
The third IPEF Ministerial Meeting held in San Francisco, California on 14th Nov, saw significant participation from India's Union Minister for Commerce and Industry.
- Key developments and conclusions emerged during the meeting, emphasizing India's active involvement in advancing economic engagement in the Indo-Pacific region.
Key Points
- IPEF Launch: The Indo-Pacific Economic Framework for Prosperity (IPEF) was jointly initiated by the USA and partner countries in the Indo-Pacific region on May 23, 2022, in Tokyo.
- It comprises 14 partner countries, including India, with a collective aim to foster growth, peace, and prosperity in the region.
- Framework Structure: IPEF is organized around four pillars: Trade (Pillar I), Supply Chains (Pillar II), Clean Economy (Pillar III), and Fair Economy (Pillar IV). India participates in Pillars II to IV and holds an observer status in Pillar I.
- Successful Negotiations: The Ministerial Meeting witnessed the substantial conclusion of negotiations under Pillar III (Clean Economy), Pillar IV (Fair Economy), and the Agreement on the Indo-Pacific Economic Framework for Prosperity. Additionally, the IPEF Ministers signed the IPEF Supply Chain Agreement, following the substantial conclusion of negotiations in May 2023.
- Pillar-Wise Efforts: A Pillar-wise Press Statement was issued, outlining the planned efforts and contours for each substantially concluded Pillar.
- Clean Economy (Pillar-III): Focuses on advancing cooperation in research, development, and commercialization of clean energy technologies.
- Shri Goyal emphasized increased collaboration on innovative and affordable climate-friendly technologies, highlighting priorities like hydrogen supply chain and India's proposals for biofuels and e-waste recycling.
- Fair Economy (Pillar-IV): Aims to strengthen anti-corruption and tax measures to boost commerce, trade, and investment.
