In a significant development from PM Modi’s three day US Visit, Prime Minister Narendra Modi attended the signing of three significant agreements under the Indo-Pacific Economic Framework (IPEF) at Delaware on Saturday.
These agreements focus on clean economy, fair economy, and overall IPEF collaboration. States commerce ministry on Sunday.
The agreements inked during Prime Minister Narendra Modi’s visit to the US focus on enhancing the development, access, and deployment of clean energy and climate-friendly technologies.
Additionally, they also seek to bolster anti-corruption efforts and promote tax transparency among member countries.
Further, the Fair Economy Agreement aims to establish a more transparent and predictable business environment, thereby encouraging increased trade and investment within member countries.
The ministry noted that the agreements emphasize improved information sharing among partners, facilitate asset recovery, and strengthen cross-border investigations and prosecutions.
The agreement will facilitate investments and project financing, particularly for micro, small, and medium enterprises (MSMEs), and will help integrate Indian companies into global value chains, especially in the Indo-Pacific region.
Moreover, an overarching agreement was also signed to create a ministerial-level oversight mechanism for the various IPEF agreements.
This framework will provide guidance and establish a formal forum for ministerial discussions on emerging issues, enhancing the longevity and identity of the IPEF partnership. It is expected to facilitate the implementation of agreements under Pillars II-IV, improving India’s productive capacity and integration into supply chains, in line with the Atmanirbhar Bharat initiative.
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Meanwhile, the Indo-Pacific Economic Framework (IPEF) refers to a strategic partnership, which comprises of 14 member countries.
This framework aims at enhancing economic cooperation through its four key pillars: trade, supply chain resilience, clean economy, and fair economy, which emphasizes tax transparency and anti-corruption efforts.
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