India has decided not to participate in the joint statement on one of the 4 pillars of the US-led Indo-Pacific Economic Framework (IPEF). India’s trade minister has raised concerns about possible discrimination against developing countries.
India, involved in IPEF, but waiting for more details on trade pillar
India is the only one of the 14 IPEF countries, which includes Southeast Asian countries, Australia, New Zealand, South Korea and Japan, that does not follow the statement on this pillar.
The initiative led by the President of the United States since May 2022, with the countries of the Indo-Pacific region, aims to rally them on the idea of a trade agreement based on four pillars: a connected economy (digital trade, data), a resilient economy, a clean and sustainable economy. fair economy.
The Indian government said after the meeting that India was “comprehensively engaged” on all four pillars and was “comfortable” with the statement of results on the other three: supply chain, clean economy (clean energy) and fair economy (taxation and struggle). anti Corruption).
India has pulled out of a similar agreement, RCEP
India recently withdrew, after seven years of negotiations, from the Regional Comprehensive Economic Partnership (RCEP), an IPEF-like grouping that includes China but not the United States. A government statement, however, stressed that India is not leaving the IPEF negotiations and that the delegation will continue to participate.
The rest is short…
Summary 12 September 2022
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