Indo-Pacific Economic Framework for prosperity to deepen economic engagement

An Inter-Ministerial delegation from India led by Department of Commerce participated in the second Indo-Pacific Economic Framework for Prosperity (IPEF) negotiating round in Bali, Indonesia from March 13-19, 2023. 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 negotiations, the Chief Negotiator of India reiterated India's belief that IPEF will deepen the economic engagement and promote inclusive development through enhancement in trade and investment in the region. On the side-lines of the negotiating round, the Chief Negotiator and the Pillar Leads also held bilateral meetings with IPEF countries and other concerned stakeholders. Representatives of interested Indian companies also participated in the Stakeholders engagement session and Business Forum, organized on the margins of the IPEF Bali Round on 17 and 18 March 2023 respectively. In addition, a representative from National Payments Corporation of India (NPCI) also gave a detailed presentation at the Business Forum on Unified Payment Interface (UPI), a successful example of Digital Public infrastructure in India.

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