Union Minister of Commerce & Industry attends the ministerial meeting of Indo-Pacific Economic Framework for Prosperity (IPEF) | Current Affairs | Vision IAS
News Today Logo

Union Minister of Commerce & Industry attends the ministerial meeting of Indo-Pacific Economic Framework for Prosperity (IPEF)

Posted 15 Mar 2024

2 min read

  • Key highlights 
    • Announced New effort under the Clean Economy pillar:
      • Four new Cooperative Work Programs focusing on carbon markets, clean electricity, employment shifts in the move to clean energy, and sustainable aviation fuels. 
      • Details on the IPEF Catalytic Capital Fund: Established in collaboration with Private Investment Development Group for climate infrastructure projects in IPEF economies.
    • Published details text of key agreements 

 

Agreements 

Highlight of the text

Agreement on IPEF

Establishes two ministerial-level bodies that will meet annually: 

  • IPEF Council: To consider matters affecting the collective operation of the IPEF agreements and Framework including accession of new members; and 
  • Joint Commission:  To monitor the work under Pillars II-IV

 

Clean Economy Agreement

  • Defines the scope of the agreement
  • Calls for partnership with its Indigenous people to enhance efforts to transition to clean economies. 
  • Recognizes important role of nuclear energy and civil nuclear cooperation in ensuring energy security.

 

Fair Economy Agreement

  • Defines scope of the agreement
  • Clarifies that this Agreement shall not affect the rights or obligations of a Party under any other agreement including UNCAC (United Nations Convention against Corruption) and UNTOC (United Nations Convention against Transnational Organized Crime)
  • Calls for International Cooperation for identification, freezing, and confiscation of proceeds of crime derived from offences established as per the UNCAC.

 

About IPEF

  • Launched in 2022 under the leadership of US. 
  • Seeks to strengthen economic engagement among partner countries to advance growth, peace and prosperity in the Indo-Pacific region.
  • structured around four pillars: Trade (Pillar I), Supply Chains (Pillar II), Clean Economy (Pillar III), Fair Economy (Pillar IV)
  • India has joined Pillars II to IV of IPEF while it has an observer status in Pillar-I.
  • Tags :
  • Indo-Pacific Economic Framework for Prosperity
  • IPEF
Watch News Today