Business
IPEF Meet In Indonesia: India Focussed On Supply Chains, Clean and Fair Economy Pillars; Stays Out Of Trade Pillar
IPEF
India again skipped the discussion on trade pillar during the second Indo-Pacific Economic Framework for (IPEF) negotiating round held in Bali, Indonesia.
The Department of Commerce led an Inter-ministerial delegation from India to participate in the second negotiating round of the IPEF held in Bali from 13-19 March.
The Bali Round saw the participation of negotiators from 13 other countries including the United States, Australia, Brunei Darussalam, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.
Discussions during the Bali Round covered all four pillars of the IPEF, namely Trade (Pilar I), Supply Chains (Pillar II), Clean Economy (Pillar III), and Fair Economy (Taxation & Anti-corruption) (Pillar IV) with India contributing to discussions related to the latter three pillars.
"India participated in the discussions related to Pillars II to IV," the Ministry of Commerce and Industry said in a release on Wednesday (22 March).
Earlier last year, India had decided to stay out of the trade pillar as a broad consensus did not emerge on issues pertaining to labour, environment, digital trade, and public procurement.
Since then, India had stayed out of discussions on IPEF's trade pillar.
The negotiations held in Bali built on discussions from the First IPEF Round held in Brisbane, Australia in 10-15 December 2022, and the Special negotiating round held in New Delhi from 8-11 February 2023.
The Chief Negotiator of India reiterated India’s belief in the potential of the IPEF to deepen economic engagement and promote inclusive development through enhancing trade and investment in the region.
On the sidelines of the negotiating round, India's chief negotiator and the pillar leads also held bilateral meetings with IPEF countries and other stakeholders.
Representatives of Indian companies and the National Payments Corporation of India (NPCI) also participated in Stakeholders engagement sessions and Business Forum organised on the margins of the IPEF Bali Round.
The IPEF partners have committed to an aggressive negotiating schedule throughout 2023, with the aim of realising concrete benefits to enhance the shared vision for economic competitiveness and prosperity in their respective economies.
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