India participates in the 2nd Indo-Pacific Economic Framework for Prosperity (IPEF) negotiating

Tags: International News

An inter-ministerial delegation from India led by the Department of Commerce participated in the 2nd Indo-Pacific Economic Framework for Prosperity (IPEF) Negotiations Round from March 13-19, 2023 in Bali, Indonesia.

An overview of the news

• Negotiators from 13 other countries, including, the United States, Australia, Brunei Darussalam, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam also participated in the Bali negotiating round.

• During the Bali Round, discussions covered all the four pillars of the IPEF.

• India participated in the discussions related to Pillars II to IV. 

• The first IPEF round was held in Brisbane, Australia on December 10-15, 2022 and the Special Negotiations round in New Delhi on February 8-11, 2023.

About Indo-Pacific Economic Framework for Prosperity (IPEF)

• In May 2022, the United States launched IPEF.

• It has 14 member states - Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, USA and Vietnam.

• The 14 IPEF partners represent 40 percent of global GDP and 28 percent of global goods and services trade.

• It has four pillars -Trade (Pillar I), Supply Chains (Pillar II), Clean Economy (Pillar III), and Fair Economy (Taxation & Anticorruption) - (Pillar IV).

Aims 

• To bring together its allies in the Indo-Pacific region to enhance economic cooperation.