IPEF Members Set To Sign Clean Economy Agreement In Singapore

New Delhi, Jun 6 (KNN) The 14 member nations of the Indo-Pacific Economic Framework for Prosperity (IPEF), including India and the United States, are poised to sign a comprehensive agreement on clean economy initiatives during a ministerial meeting in Singapore today, according to an official source.

The agreement, finalised after negotiations concluded in November 2022, is expected to catalyse investments in clean economy sectors and promote the development of low-cost technologies that support sustainability goals across the Indo-Pacific region.

Following the signing ceremony, the accord will undergo a ratification process for formal adoption by each participating country.

An Indian delegation from the Ministry of Commerce is already present in Singapore ahead of the ministerial gathering.

"The legal review of the agreement text has been completed, and it will be signed," the official confirmed.

Launched jointly by the U.S. and partner nations on May 23, 2022, in Tokyo, the IPEF bloc represents a combined 40 per cent of global economic output and 28 per cent of international trade.

The framework encompasses four pillars including trade, supply chains, clean economy, and fair economy.

While India has joined all pillars except trade, the others cover a range of economic cooperation areas.

In addition to India and the U.S., IPEF members include Australia, Brunei, Fiji, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.

The members have already implemented a supply chain agreement on February 24, and a two-day IPEF Clean Economy Investor Forum is currently underway in Singapore, convening investors, philanthropies, government agencies, companies, and entrepreneurs to mobilise climate-related investments, technologies, and projects across the region.

Both the clean economy and fair economy agreements aim to strengthen the implementation of effective anti-corruption measures, promote sustainable trade practices, and enforce robust tax regulations within the Indo-Pacific sphere.

Indian officials have stated that the clean economy agreement's implementation could boost inward investment, facilitate technical assistance and capacity building, open new export opportunities, and generate additional employment opportunities within the nation's clean economy sector.

(KNN Bureau)