India has recently signed important agreements under the US-led Indo-Pacific Economic Framework for Prosperity (IPEF). These nearly four dozen accords have been designed to fashion a fairer and more environmentally sustainable economy. They were launched during Prime Minister Narendra Modi's visit to the US and aims at increasing economic transparency between member countries along with accelerating sustainable energy projects.
Asia Regional Economic Integration06 Oct 2021Indo-Pacific Economic Framework for Prosperity (IPEF) Agreements Overview
Key Goals:
- Exploration and utilization of clean energy technologies.
- Doubling down on Anti-Corruption efforts.
- Enhancing tax transparency between countries
Clean Economy Initiatives:
- Ensuring energy security and reducing carbon emissions,
- Encouraging countries to work together on technical cooperation
Fair Economy Agreements:
- Establishing a clear and consistent business climate;
- Improved data exchange among countries.
- Strengthening asset recovery and the fight against cross-border financial crimes.
IPEF-Supported Funds:
- The IPEF Catalytic Capital Fund, and PGI Investment Accelerator.
Concerns and Criticism:
- Transparency in Negotiation
- Non-derogation clause limiting national capacity to alter its own laws.
- Exposure that international standard is replaced by national interest.
Strategic Importance:
- Over Trade, Supply Chain Resiliency, Plans for Clean Economy and Fair Economy: Impacts 14 Countries.-
- India's involvement symbolizes its promise to local connection.
About the IPEF:
- Commenced in May 2022, includes the participation of fourteen countries covering approximately 40 %of global GDP.
Month: Current Affairs - October 14, 2024
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