India has called for focus on early harvest of mutually beneficial deliverables under the Indo-Pacific Economic Framework (IPEF), a US-led economic initiative involving 14 partner countries, according to an official statement.
New Delhi emphasised on common tangible benefits such as capacity building, technical assistance including sharing of expertise and best practices, investments and innovative projects, at a negotiating round of the IPEF it hosted on February 8-11.
The IPEF, which includes Australia, Brunei Darussalam, Fiji India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US and Vietnam, was launched by US President Joe Biden on May 22, 2022, in Tokyo on the sidelines of the Quad meeting.
Three pillars
Since India has, for now, opted out of the trade pillar of the IPEF, the last week’s focussed on the remaining three pillars. These include supply chains, clean economy, and fair economy.
“The IPEF Partners reaffirmed their commitments to continuing collaboration to expeditiously conclude agreements that include concrete benefits to enhance a shared vision for economic competitiveness and prosperity in their respective economies,” the release said.
About 300 officials from the member countries participated in the negotiations.
‘Stable, prosperous future’
Commerce Secretary Sunil Barthwal pointed out at the meeting that India was committed to play a significant role in the Indo Pacific region and contributing to a more stable and prosperous future, the statement said. He urged all the delegates to focus on the broader objectives”, creating more conducive environments for enhancing trade and investment linkages, development of resilient supply chains, and acceleration of sustainable development,” it said.