India The 13-member IPEF (Indo-Pacific Economic Prosperity Framework) is monitoring the countries’ trade talks. An official said this on Thursday. India has not yet formally joined it. IPEF was jointly formed by the United States and other partner countries in the Indo-Pacific region on May 23 in Tokyo. IPEF’s 14 partners represent 40 percent of global GDP and 28 percent of global trade in goods and services. The framework has been built around four pillars related to trade, supply chain, clean economy and fair economy (issues such as tax and anti-corruption).
India is included in 3 segments.
India has joined three segments except commercial. Member countries are in talks to sign separate agreements on these issues. The agreement on supply chain, clean economy and fair economy (issues such as taxes and anti-corruption) has already been signed by 14 member countries. “We are waiting for the final results as there are binding commitments in business segments without clear market access provisions,” the official said. Disputes are going to be resolved in many areas. When asked if India was planning to join this business segment, he said, “We will wait on this matter, we will look at it carefully.” “As it progresses and countries come together and start to finalize the agreement, maybe we will make a decision on that.”
These are the member countries
Its members are Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam. India already has a goods free trade agreement with ASEAN. Its members include the seven IPEF countries: Brunei, Darussalam, Indonesia, Malaysia, the Philippines, Singapore, Vietnam and Thailand. Apart from this, there are such agreements with Australia, Japan and South Korea. In such a situation, India probably will not benefit much by joining the commercial segment. Negotiations between the thirteen IPEF members have not yet been concluded and there are differences of opinion between partner countries on key issues.
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