 "India to sign IPEF agreements after formation of the new government")
India will sign the clean economy and fair economy agreements under the United States-led economic initiative—Indo-Pacific Economic Framework for Prosperity (IPEF)—after the formation of the new government.
Barring India, the rest of the 13 member nations of IPEF signed the two agreements that aim to address 21st-century challenges and strengthen economic engagement across a critical region.
While India actively participated in the signing proceedings and the ministerial deliberations, it did not formally sign these agreements as domestic approval processes are still underway, the Department of Commerce said in a statement on Thursday, adding that the approvals will take place once the new government takes over.
These agreements will enter into force after at least five IPEF partners complete their internal legal procedures for ratification, acceptance, or approval.
IPEF has four pillars: trade, supply chain resilience, clean economy, and fair economy (tax and anti-corruption). While India, along with other countries, has already signed the supply chain resilience pillar, India has decided not to join the trade pillar.
Apart from India and the US, the 12 other members of the IPEF are Australia, Brunei, Fiji, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. Together, they account for 40 per cent of the world's economic output and 28 per cent of trade.
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A total of 69 sustainable infrastructure projects worth over $23 billion were identified at the IPEF clean energy investor forum in Singapore, an official statement said.
The investor forum is a key initiative to advance the objectives of the IPEF’s clean economy pact by mobilising financing in support of the development and deployment of clean energy and climate-friendly infrastructure and technologies in the IPEF economies.
According to the statement from Singapore's Ministry of Trade and Industry, which hosted the meet, out of the 69 projects, 20 investment-ready projects worth about $6 billion were presented to investors at business matching sessions. The remaining projects worth about $17 billion were also identified as potential investment opportunities in the future.
An Indian delegation headed by Secretary, Department of Commerce, Sunil Barthwal, participated in the IPEF ministerial meeting in Singapore on June 6.