Indo-Pacific Economic Framework will deepen economic engagement, India reiterates

World Friday 24/March/2023 08:18 AM
Indo-Pacific Economic Framework will deepen economic engagement, India reiterates

New Delhi: India reiterated the belief that the Indo-Pacific Economic Framework will deepen economic engagement and promote inclusive development through enhancement in trade and investment in the region, according to the statement released by the Ministry of Commerce and Industry.

India participated in the second Indo-Pacific Economic Framework (IPEF) Negotiating Round in Bali where 13 other countries, including, the United States, Australia, Brunei Darussalam, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam also participated. An Inter-Ministerial delegation from India led by the Department of Commerce participated in the IPEF negotiating round in Bali, Indonesia from March 13-19, 2023.

According to the statement, "During the Bali Round, discussions covered all four pillars of the IPEF: Trade (Pillar I); Supply Chains (Pillar II); Clean Economy (Pillar III); and Fair Economy (Taxation & Anticorruption) - (Pillar IV). India participated in the discussions related to Pillars II to IV."

"Building on the discussions that took place during the previous rounds: The first IPEF Round was held in Brisbane, Australia, on December 10-15, 2022, and the Special negotiating round was held in New Delhi, India from February 8-11, 2023, in Bali, IPEF Partners undertook in-depth text-based discussions and conducted follow-up conversations as they work to advance a shared vision for an open, connected, prosperous and resilient Indo-Pacific region," the statement read.

On the sidelines of the negotiating round, the Chief Negotiator and the Pillar Leads also held bilateral meetings with IPEF countries and other concerned stakeholders.

Representatives of interested Indian companies also participated in the Stakeholders' engagement session and Business Forum, organized on the margins of the IPEF Bali Round on 17 and 18 March 2023 respectively. In addition, a representative from the National Payments Corporation of India (NPCI) also gave a detailed presentation at the Business Forum on Unified Payment Interface (UPI), a successful example of Digital Public infrastructure in India.

IPEF Partners have committed to an aggressive negotiating schedule throughout 2023 with the objective of realizing concrete benefits to enhance a shared vision for economic competitiveness and prosperity in their respective economies. Additional details about the next in-person negotiating round will be released at a later date.