Indo-Pacific Economic Framework deal in final stage, signing likely soon
Mint on 28 December 2023 reported that legal scrubbing of both the pillars had started and the deal is expected to be signed in 2024. “Both the pillars are very important for the country. The clean economy (Pillar-III of the IPEF) is aimed at cooperation on research, development and commercialisation of clean energy and climate-friendly technologies," the second person said.
Under the fair economy deal (Pillar-IV), India will strengthen implementation of effective anti-corruption and tax measures to boost trade and investment among IPEF economies, the first person added. As things stand, India is yet to sign the trade pillar (Pillar-I) that is aimed at strengthening economic engagement among partner countries, excluding China. New Delhi is seeking more clarity to assess if it will be in the interest of the country.
IPEF was launched in Tokyo by the US and other Indo-Pacific countries on 23 May 2022. The group includes USA, Australia, India, Brunei Darussalam, Fiji, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam. Queries emailed to the commerce secretary, spokespersons of the ministry of finance and commerce, spokespeople of the US and Singapore were not immediately answered.
“The Indo-Pacific Economic Framework presents a significant opportunity for India to bolster its commitment to renewable energy and sustainable practices. By collaborating with partner nations, we can accelerate the transition towards achieving net zero emission by 2070 and generating about 50% of power from non-fossil fuels by 2030," said Sanjay Kumar, Partner, Deloitte Touche Tohmatsu India LLP. “The clean economy pillar will facilitate collaboration on research, development, and
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