India has agreed to be a member of the Indo-Pacific Economic Framework (IPEF). The framework seeks an open, inclusive, interconnected and secure Indo-Pacific region to attain sustainable growth. It will also include cooperation in the digital economy. The group consists of India, the US, Japan, Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.
Some of the agendas for discussion for IPEF include strengthening economic cooperation that are based on four broad identified pillars of trade, supply chains, clean energy and taxation and anti-corruption. The member countries also resolved to make supply chains more resilient and integrated. They are exploring easy access to finance to meet goals outlined in the Paris Agreement and committed to enforcing effective regimes against money laundering and bribery.
“India is keen to collaborate with countries under the IPEF and work towards advancing regional economic connectivity, integration and boosting trade and investment within the region,” according to a statement by the Indian External Affairs Ministry.
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