India The 13-member IPEF (Indo-Pacific Economic Framework for Prosperity) is monitoring the countries' trade talks. An official said this on Thursday. India is yet to formally join it. IPEF was jointly formed by the US and other partner countries in the Indo-Pacific region on May 23 in Tokyo. The 14 IPEF partners account for 40 percent of global GDP and 28 percent of global goods and services trade. The framework has been built around four pillars related to trade, supply chain, clean economy and fair economy (issues such as tax and anti-corruption).
India is included in 3 segments
India has joined three segments except the trade part. Member countries are in talks to sign separate agreements on these topics. The agreement on supply chain, clean economy and fair economy (issues like tax and anti-corruption) has already been signed by 14 member countries. “We are awaiting the final results as there are binding commitments on trade segments without clear market access provisions,” the official said. Disputes are going to be settled in many areas. Asked if India was planning to join this trade segment, he said, “We will wait for now on this matter, we will look at it closely.” Have been. “As it progresses and countries come together and start finalizing the agreement, perhaps we will take a decision on that.”
These are the member countries
Its members are Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, USA and Vietnam. India already has a free trade agreement in goods trade with ASEAN. Its members include the seven IPEF countries of Brunei, Darussalam, Indonesia, Malaysia, Philippines, Singapore, Vietnam and Thailand. Apart from this, there is this type of agreement with Australia, Japan and South Korea. In such a situation, India probably will not gain much from joining the trade segment. Negotiations among the thirteen IPEF members have not yet concluded and there are differences of opinion among partner countries on key issues.
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