14 Partners Sign IPEF Supply Chain Agreement For Prosperity

Utkarsh Classes Last Updated 17-11-2023

14 Partners Sign IPEF Supply Chain Agreement For Prosperity

Summit and Conference 4 min read

The 3rd Ministerial Meeting of the Indo-Pacific Economic Framework (IPEF) for Prosperity was held on 14 November 2023 in San Francisco, California, hosted by the United States.

Piyush Goyal, Union Minister of Consumer Affairs, Food and Public Distribution, Textiles and Commerce and Industry participated in this ministerial meeting from the Indian side.
Union Minister Piyush Goyal was on a visit to San Francisco, USA from November 13-16 to attend the third ministerial meeting of IPEF.

Indo-Pacific Economic Framework (IPEF):

IPEF is a US-led initiative that aims to strengthen the economic partnership among participating countries to enhance resilience, stability, inclusiveness, economic growth, equity, and competitiveness in the Indo-Pacific region.
IPEP was launched jointly by the United States and other partner countries in the Indo-Pacific region on May 23, 2022, in Tokyo.
IPEP was initially launched with initial partners from 12 countries that collectively account for 40% of world GDP.

IPEF partner countries:

IPEF's 14 partner countries include Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and the United States.

IPEF aims to:

Its goal is to strengthen economic ties between partner countries with the goal of advancing development, peace and prosperity in the region.

IPEP has four pillars:

IPEP is not a free trade agreement (FTA), yet allows member countries to negotiate on the areas they wish. The IPEP format is based on four business-related pillars:
- Trade (Pillar I);
- Supply Chain (Pillar II);
- Clean Economy (Pillar III); And
- Fair Economy (Pillar IV).
India is included in Pillars II to IV of IPEF while it has observer status in Pillar I.
The ministerial meeting took place under IPEF Pillar III (Clean Economy), Pillar IV (Fair Economy) and the Agreement on the Indo-Pacific Economic Framework for Prosperity (Ministerial Council for the Establishment of a Commission).
Also following the important conclusion of negotiations on the IPEF Supply Chain Agreement in May 2023, IPEF Ministers signed the IPEF Supply Chain Agreement during the Ministerial Meeting.
Under the Clean Economy (Pillar III), IPEF partners aim to advance cooperation on research, development, commercialization, availability, access and deployment of clean energy and climate-friendly technologies. It also aims to provide investment facilities for climate related projects in the region.
Under the Fair Economy (Pillar IV), IPEF Partners aim to strengthen the implementation of effective anti-corruption and tax measures to promote commerce, trade and investment among IPEF economies.

FAQ

Answer:- The third ministerial meeting of the Indo-Pacific Economic Framework (IPEF) was held on 14 November 2023 in San Francisco, California, hosted by the US.

Answer:- Union Minister of Consumer Affairs, Food and Public Distribution, Textiles and Commerce and Industry Piyush Goyal participated in this ministerial meeting from the Indian side.

Answer:- The Indo-Pacific Economic Framework (IPEF) was launched jointly by the United States and other partner countries in the Indo-Pacific region on May 23, 2022 in Tokyo.

Answer:- Currently there are 14 participating countries in the Indo-Pacific Economic Framework (IPEF): Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and the US.

Answer:- The current draft of the Indo-Pacific Economic Framework (IPEF) is based on four trade-related pillars: Trade (Pillar I); Supply Chain (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV).