In the latest gathering of the Indo-Pacific Economic Framework for Prosperity (IPEF), Commerce & Industry Minister Piyush Goyal underscored India's role in diversifying global supply chains. The virtual meeting, attended by representatives from 14 nations including US Secretary of Commerce Gina Raimondo and Thai Foreign Minister Parnpree Bahiddha-Nukara, emphasized collaborative efforts to enhance economic resilience and sustainability.
Minister Goyal emphasized the swift implementation of collaborative initiatives outlined in various IPEF Pillars, particularly focusing on Supply Chains Resilience (Pillar-II). He highlighted India's extensive production capacities across critical sectors, offering valuable supply diversification prospects for IPEF partners.
The meeting also reviewed significant progress made since the conclusion of negotiations for proposed agreements such as the Clean Economy Agreement (Pillar III), Fair Economy Agreement (Pillar IV), and the overarching Agreement on IPEF in November 2023. The partners discussed forthcoming cooperative efforts across these agreements to advance economic objectives.
Welcoming the enforcement of the IPEF Supply Chain Agreement and the release of proposed agreements' texts, the partners deliberated on future steps to drive tangible outcomes within the Framework. Minister Goyal presented the 'Prime Minister Surya Ghar Muft Bijli Yojana' as a noteworthy initiative contributing to both clean economy objectives and socio-economic development, inviting investments from IPEF partners.
The meeting outlined upcoming initiatives within the Clean Economy pillar, including the launch of Cooperative Work Programs, the inaugural IPEF Clean Economy Investor Forum in Singapore, and details on the IPEF Catalytic Capital Fund.
Looking ahead, ministers are set to convene in Singapore on June 6 for an in-person meeting to further discuss key agreements including the Supply Chain Agreement, Clean Economy Agreement, Fair Economy Agreement, and the Agreement on IPEF.
IPEF, established in May 2022, aims to foster economic cooperation among 14 regional partners, promoting sustainable growth and resilience across the Indo-Pacific region.