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Trade aversion

India must review its IPEF stand

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Indo pacific | India trade policy | Business Standard Editorial Comment

Business Standard Editorial Comment  |  Mumbai 



India’s decision to opt out of the trade pillar of the Indo-Pacific Economic Framework (IPEF) is disappointing and will adversely affect longer-term economic prospects. Although India joined the other three pillars of the framework related to supply chains, tax and anti-corruption, and clean energy, the stand on trade will weaken its overall position. The government has argued that in the context of trade, the contours in terms of commitments to be made in areas such as labour, environment, and public procurement are still emerging. It is not clear what member countries will gain and whether some of the conditions would discriminate against developing countries. The government has said that it will continue to engage with the trade track and wait for the final contours to take shape. India would have been better off being part of the process deciding those conditions.

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First Published: Mon, September 12 2022. 22:51 IST

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