IPEF Members Complete Discussions On Fair Economy Agreement

The agreement was related to strengthening the implementation of productive anti-corruption and tax measures to help enhance commerce, trade, and investments.

The framework of the association is based on four pillars relating to trade, supply chains, clean economy, and fair economy. India is yet to join the pillar of trade.

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The Indo-Pacific Economic Framework for Prosperity (IPEF) member nations, including India and the US, finished negotiations regarding the fair economy agreement, an official statement revealed on Friday. The agreement was related to strengthening the implementation of productive anti-corruption and tax measures to help enhance commerce, trade, and investments.

The announcement came after the third IPEF ministerial meeting, which was held in San Francisco, California on November 14, 2023. Indian Commerce and Industry Minister, Piyush Goyal, also took part in the meeting, reported PTI.

The agreement would help enhance information sharing among member countries, help asset recovery, and boost cross-border investigations and prosecutions, along with other benefits. The statement further revealed that as part of the Fair Economy, the IPEF members intend to strengthen the execution of fruitful anti-corruption and tax policies. 

Goyal noted that this agreement will help enhance the joint resolve to fight against corruption, money laundering, and terror financing. The commerce ministry further informed that discussions under the IPEF Pillar-III (Clean Economy), Pillar IV (Fair Economy), and the Agreement on the IPEF were substantially concluded. 

As per the Clean Economy agreement, the IPEF’s 14 member nations aim to advance cooperation on research, development, commercialisation, availability, accessibility, and deployment of clean energy and climate-friendly technologies, and help investments towards climate-related projects in the region, the statement noted. 

 Notably, IPEF was launched together by the US and other member states of the Indo-Pacific region last year in May in Tokyo. Combined, these countries contribute to 40 per cent of the global economic output and 28 per cent of the trade. Members of the body include Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US and Vietnam. The framework of the association is based on four pillars relating to trade, supply chains, clean economy, and fair economy. India is yet to join the pillar of trade.