India participated in the US-led Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations in Bali last week.

Officials of the 14-member IPEF held the second negotiating round of talks in Bali during March 13-19. The Indian delegation was led by the Department of Commerce.

IPEF is a US-led initiative with the objective of negotiating rules for tackling 21^st-century challenges and promoting fair and resilient trade. US President Joe Biden launched IPEF in May 2022.

The 14 IPEF partners represent 40 percent of the global GDP and 28 percent of global goods and services trade.

The framework is structured around four pillars relating to trade, supply chains, clean economy, and fair economy (issues like tax and anti-corruption).

The member countries have the option to decide the pillar in which they wish to participate. India has opted out of the trade pillar while joining the remaining three.

Apart from India and US, IPEF member nations include Australia, Brunei Darussalam, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.

Representatives of interested Indian companies also participated in the stakeholders’ engagement session and Business Forum, organised on the margins of the IPEF Bali round.

"During negotiations, the Chief Negotiator of India reiterated India’s belief that IPEF will deepen the economic engagement and promote inclusive development through enhancement in trade and investment in the region. On the sidelines of the negotiating round, the chief negotiator and the pillar leads also held bilateral meetings with IPEF countries and other stakeholders concerned,” an official statement said.

“IPEF Partners have committed to an aggressive negotiating schedule throughout 2023 with the objective of realising concrete benefits to enhance a shared vision for economic competitiveness and prosperity in their respective economies,” the statement added.

Notably, the first round of negotiations took place in Australia in December. Thereafter, India hosted a special round in February.

Image courtesy: Financial Express