More Stories

Informist, Sunday, Sep 22, 2024

 

NEW DELHI – India on Saturday signed agreements focussed on clean and fair economy under the Indo-Pacific Economic Framework for Prosperity, or IPEF, the commerce ministry said today. India also signed an overarching agreement that seeks to establish ministerial-level supervision over the various IPEF agreements, the ministry said in a release.

 

The agreements were signed in the presence of Prime Minister Narendra Nodi, who is currently on a three-day visit to the US for the Quad Summit. The two agreements on clean economy and fair economy aim to promote development, access, and deployment of clean energy and climate-friendly technologies; and create a more transparent and predictable trade and investment environment across the Indo-Pacific, respectively. 

 

The IPEF is a 14-member bloc initiated by the US in 2022 to strengthen economic engagement and cooperation among partner countries with the goal of advancing growth, economic stability and prosperity in the region. Apart from India and the US, the members include Australia, Brunei, Fiji, Japan, Indonesia, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam. 

 

The prosperity framework has four pillars – Pillar I- Trade, Pillar II- Supply Chain Resilience, Pillar III-Clean Economy, and Pillar IV- Fair Economy. India had ratified the agreement on supply chain resilience in February and has maintained an observer status in the trade pillar.

 

The clean economy agreement will "facilitate investments, project financing including concessional financing, joint collaborative projects, workforce development and technical assistance and capacity building for industries," the release said. The agreement will help Indian companies integrate into global value chains, particularly in the Indo-Pacific region.

 

Under the fair economy agreement, IPEF members will "collaborate to enhance their efforts in preventing and combating corruption, including bribery, and supporting initiatives to improve tax transparency, the exchange of information, domestic resource mobilisation, and tax administration," the ministry said. The agreement aims to promote information sharing among members and strengthen cross-border investigations and prosecutions.  End 

 

Reported by Krity Ambey

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2024. All rights reserved.