Global trade ministers unite in the US for deal to cut China dependence
Indo-Pacific Economic Framework (IPEF) as they finalize agreements on two additional pillars — clean energy & infrastructure and tax & anti-corruption. The signing of an agreement on resilient supply chains is also anticipated later this week.
The move reflects a strategic alliance aimed at strengthening diplomatic and economic ties while reducing dependence on China in the post-COVID era.
This announcement will leave only the trade pillar open for further negotiations. India has remained cautious on the trade pillar, maintaining an observer status while keeping options open for the future.
The decision regarding India's active participation in the trade negotiations will be considered at a later stage.
Commerce and Industry Minister Piyush Goyal is in the US to attend the ministerial engagements of the Indo-Pacific Economic Framework and the Asia-Pacific Economic Cooperation.
US Treasury Secretary Janet Yellen on Monday said there had been «very substantial progress» on three of the four areas under discussion by the 14 member countries of the IPEF, but that trade needs «further work.»
A key element of the Biden administration's strategy to strengthen economic connections with Asian countries and mitigate the increasing influence of China in the Pacific is the IPEF.
