Express News Service
NEW DELHI: India, along with 14 other countries, has reached positive outcomes in the negotiations for the Supply Chain Agreement within the US-led Indo-Pacific Economic Framework for Prosperity (IPEF). This development is a step forward in signing an eventual agreement and marks a significant achievement for consumers, workers, and businesses across all 14 nations.
Moving forward, India and the other countries will engage in domestic consultations and conduct a comprehensive legal review to finalise the text of the agreement for signature. During the ministerial meeting, Piyush Goyal, the Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, commended the negotiating team for delivering an agreement that benefits all parties involved.
Goyal emphasized the potential of this agreement to enhance the integration of economies and supply/value chains within the IPEF. He called for swift implementation of all action-oriented cooperative and collaborative elements identified in the agreement.
India’s decision to align with the IPEF, a trade framework proposed by the United States and supported by 14 countries, is an alternative to the China-led Regional Comprehensive Economic Partnership (RCEP) involving 15 countries in the Asia-Pacific. India is under pressure to join this trade bloc in order to contribute to its success and avoid potential isolation.
The IPEF is structured around four pillars: Trade (Pillar I), Supply Chains (Pillar II), Clean Economy (Pillar III), and Fair Economy (Pillar IV). India has joined Pillars II to IV of the IPEF while maintaining observer status in Pillar I. All eyes are on India to see if it will formally join the trade pillar, although no updates have been provided as of yet.
Alternative to ChinaIndia’s decision to align with the IPEF is an alternative to the China-led Regional Comprehensive Economic Partnership involving 15 countries in the Asia-Pacific
NEW DELHI: India, along with 14 other countries, has reached positive outcomes in the negotiations for the Supply Chain Agreement within the US-led Indo-Pacific Economic Framework for Prosperity (IPEF). This development is a step forward in signing an eventual agreement and marks a significant achievement for consumers, workers, and businesses across all 14 nations.
Moving forward, India and the other countries will engage in domestic consultations and conduct a comprehensive legal review to finalise the text of the agreement for signature. During the ministerial meeting, Piyush Goyal, the Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, commended the negotiating team for delivering an agreement that benefits all parties involved.
Goyal emphasized the potential of this agreement to enhance the integration of economies and supply/value chains within the IPEF. He called for swift implementation of all action-oriented cooperative and collaborative elements identified in the agreement.googletag.cmd.push(function() {googletag.display(‘div-gpt-ad-8052921-2’); });
India’s decision to align with the IPEF, a trade framework proposed by the United States and supported by 14 countries, is an alternative to the China-led Regional Comprehensive Economic Partnership (RCEP) involving 15 countries in the Asia-Pacific. India is under pressure to join this trade bloc in order to contribute to its success and avoid potential isolation.
The IPEF is structured around four pillars: Trade (Pillar I), Supply Chains (Pillar II), Clean Economy (Pillar III), and Fair Economy (Pillar IV). India has joined Pillars II to IV of the IPEF while maintaining observer status in Pillar I. All eyes are on India to see if it will formally join the trade pillar, although no updates have been provided as of yet.
Alternative to China
India’s decision to align with the IPEF is an alternative to the China-led Regional Comprehensive Economic Partnership involving 15 countries in the Asia-Pacific
