<p>India has opted out of the Indo-Pacific Economic Framework’s trade negotiations, but joined the three other pillars of the initiative, which the United States launched earlier this year to counter China.</p>.<p>The first in-person ministerial meeting of the 14-nation Indo-Pacific Economic Framework (IPEF) in Los Angeles concluded with a joint declaration by the participants on four pillars – trade, supply chains, clean economy and fair economy. The declarations laid down the broad contours of the negotiations for future agreements on all the four pillars of the IPEF, which President Joe Biden, Prime Minister Narendra Modi and the leaders of the other nations jointly launched on the sideline of the Quad summit in Tokyo on May 23.</p>.<p>India for now refrained from joining the declaration on trade, due to concerns over commitments required on environment, labour, digital commerce and public procurement.</p>.<p>“We have to see what benefits member countries will derive and whether any conditions on aspects like environment may discriminate against developing countries, which have the imperative to provide low cost and affordable energy to meet the needs of growing economy,” said Commerce Minister Piyush Goyal, who led the Indian delegation in the IPEF ministerial meeting.</p>.<p>13 of the 14 IPEF nations issued the joint declaration on trade after agreeing to seek high-standard provisions that would benefit workers, ensure free and fair trade, promote sustainable and inclusive economic growth and contribute to environmental protection. They agreed to advance inclusive digital trade by building an environment of trust and confidence in the digital economy by addressing discriminatory practices and by promoting trusted and secure cross-border data flows. They also reached consensus on advancing food security and sustainable agricultural practices.</p>.<p>Since India is in the process of firming up its own digital framework and laws, particularly regarding privacy and data, it decided to wait for the broad contours of the future IPEF trade agreement to emerge before joining the bandwagon. Goyal, however, said that India would continue to participate in the IPEF discussions “with an open mind” and keeping in mind “the best interest of the people and businesses in India”.</p>.<p>India in 2019 opted out of the negotiations for the Regional Comprehensive Economic Partnership, which came into effect on January 1 this year, with China, Japan, New Zealand, Australia, South Korea and 10 South East Asian nations signing it.</p>.<p>The future IPEF trade agreement, however, will not require participating nations to lower tariffs, unlike the RCEP or other Free Trade Agreements.</p>.<p>The conclave in Los Angeles was hosted jointly by the US Trade Representative Katherine Tai and Commerce Secretary Gina M Raimondo.</p>.<p>India joined the US and 12 other nations in the joint declarations on coordinating actions to mitigate and prevent future supply chain disruptions and secure critical sectors and key products for manufacturers. It also signed the IPEF declaration on expanding investment opportunities, spurring innovation and improving livelihoods of citizens by unlocking clean energy resources and substantial carbon sequestration potential. Besides, it also agreed with the other IPEF nations on seeking to level the playing field for businesses and workers by preventing and combating corruption, curbing tax evasion and enhancing transparency, recognizing the importance of fairness, inclusiveness, rule of law, accountability and transparency.</p>.<p>The US launched the IPEF to counter China’s economic influence in the Indo-Pacific with greater economic engagement among the countries in the region. The 14 participating nations of the IPEF represent over 40 per cent of the global economy.</p>
<p>India has opted out of the Indo-Pacific Economic Framework’s trade negotiations, but joined the three other pillars of the initiative, which the United States launched earlier this year to counter China.</p>.<p>The first in-person ministerial meeting of the 14-nation Indo-Pacific Economic Framework (IPEF) in Los Angeles concluded with a joint declaration by the participants on four pillars – trade, supply chains, clean economy and fair economy. The declarations laid down the broad contours of the negotiations for future agreements on all the four pillars of the IPEF, which President Joe Biden, Prime Minister Narendra Modi and the leaders of the other nations jointly launched on the sideline of the Quad summit in Tokyo on May 23.</p>.<p>India for now refrained from joining the declaration on trade, due to concerns over commitments required on environment, labour, digital commerce and public procurement.</p>.<p>“We have to see what benefits member countries will derive and whether any conditions on aspects like environment may discriminate against developing countries, which have the imperative to provide low cost and affordable energy to meet the needs of growing economy,” said Commerce Minister Piyush Goyal, who led the Indian delegation in the IPEF ministerial meeting.</p>.<p>13 of the 14 IPEF nations issued the joint declaration on trade after agreeing to seek high-standard provisions that would benefit workers, ensure free and fair trade, promote sustainable and inclusive economic growth and contribute to environmental protection. They agreed to advance inclusive digital trade by building an environment of trust and confidence in the digital economy by addressing discriminatory practices and by promoting trusted and secure cross-border data flows. They also reached consensus on advancing food security and sustainable agricultural practices.</p>.<p>Since India is in the process of firming up its own digital framework and laws, particularly regarding privacy and data, it decided to wait for the broad contours of the future IPEF trade agreement to emerge before joining the bandwagon. Goyal, however, said that India would continue to participate in the IPEF discussions “with an open mind” and keeping in mind “the best interest of the people and businesses in India”.</p>.<p>India in 2019 opted out of the negotiations for the Regional Comprehensive Economic Partnership, which came into effect on January 1 this year, with China, Japan, New Zealand, Australia, South Korea and 10 South East Asian nations signing it.</p>.<p>The future IPEF trade agreement, however, will not require participating nations to lower tariffs, unlike the RCEP or other Free Trade Agreements.</p>.<p>The conclave in Los Angeles was hosted jointly by the US Trade Representative Katherine Tai and Commerce Secretary Gina M Raimondo.</p>.<p>India joined the US and 12 other nations in the joint declarations on coordinating actions to mitigate and prevent future supply chain disruptions and secure critical sectors and key products for manufacturers. It also signed the IPEF declaration on expanding investment opportunities, spurring innovation and improving livelihoods of citizens by unlocking clean energy resources and substantial carbon sequestration potential. Besides, it also agreed with the other IPEF nations on seeking to level the playing field for businesses and workers by preventing and combating corruption, curbing tax evasion and enhancing transparency, recognizing the importance of fairness, inclusiveness, rule of law, accountability and transparency.</p>.<p>The US launched the IPEF to counter China’s economic influence in the Indo-Pacific with greater economic engagement among the countries in the region. The 14 participating nations of the IPEF represent over 40 per cent of the global economy.</p>
