Joe Biden delivers remarks as other nation's representatives in the IPEF bloc, including India's Union Commerce and Industry Minister Piyush Goyal look on at the Indo-Pacific Economic Framework (IPEF) in 2023.
Credit: Reuters Photo
New Delhi: The 14-IPEF members, including India and the US, are expected to sign the clean economy agreement in Singapore on Thursday, which is likely to push investments in the clean economy sector and promote development of low-cost technologies, an official said.
The members of the IPEF (Indo-Pacific Economic Framework for Prosperity) bloc concluded talks for the agreement last year in November. After the signing of the agreement, it will be ratified for acceptance.
An Indian official delegation of the commerce ministry is already there in Singapore.
"Legal scrubbing of the agreement is completed and it will be signed," the official said.
IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo. Together, they account for 40 per cent of the world's economic output and 28 per cent of trade.
The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy. India has joined all the pillars except the trade.
Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US, and Vietnam are members of the bloc.
The members have already implemented the supply chain agreement on February 24.
The two-day IPEF Clean Economy Investor Forum meet started in Singapore from Wednesday.
The forum is bringing together some of the region's largest investors and philanthropies with government agencies, innovative companies and entrepreneurs to mobilise increased investment for climate-related infrastructure, technologies, and projects in the region.
The clean and fair economy agreements are aimed at strengthening the implementation of effective anti-corruption and tax measures and promoting sustainable trade.
According to an official statement issued in March this year, implementation of the clean agreement "is likely to help increase inward investments in India in the clean economy sector, promote the development of low-cost climate technologies, facilitate technical assistance and capacity building, provide new opportunities for Indian exports, and generate additional employment opportunities."