IPEF countries will soon start talks for a comprehensive agreement, Commerce Minister Goyal will lead India.
The US is expected to start business talks with the member countries next month regarding the Indo-Pacific Economic Framework (IPEF), established during the meeting of the top leaders of the Quad (Organization of India, America, Australia, and Japan) in Japan in May 2022.
In this meeting, apart from the four countries of the Quad, the Ministers of Trade and Commerce of the other member countries of the Framework, New Zealand, Singapore, Thailand, Indonesia, Brunei, Malaysia, South Korea, Philippines, Vietnam, Fiji will participate.
This can also be discussed in the meeting of US Deputy Finance Minister Wally Adeyemo, who is visiting India next week, with Indian leaders. Commerce Minister Piyush Goyal will lead from the Indian side.
The Indo-Pacific Economic Framework was announced in May 2022 at the summit of PM Narendra Modi, US President Joe Biden, Japan’s PM Fumio Kishida, and Australia’s PM Anthony Albeniz.
Three main objectives.
Its three main objectives were stated. First, to connect the economies of all countries, make rules for the digital economy, work for online privacy, and to prevent digital fraud.
Second, to build a strong supply chain, prevent inflation, and cooperate in the exploration of important minerals.
Third, promote clean energy, and create the best infrastructure to prevent environmental degradation.
It was only after the announcement of these objectives that experts said that an economic cooperation agreement between all these countries would be necessary to prepare for cooperation on such a wide scale. However, the situation is not clear on this yet.
It is also being said that mutual cooperation of all these countries will play an important role in ending China’s supremacy in the supply chain. Eight out of ten ASEAN countries are members of the IPEF.
While 12 countries of the Regional Comprehensive Economic Partnership (RCEP) are also its members. India had announced withdrawal from RCEP at the last minute while China is its member.