The Union Cabinet will soon decide on agreements with 14 member countries of the Indo-Pacific Economic Order (IPEF) for a clean and fair economy. The Commerce Ministry has proposed approval in this regard. Last month, 13 members of the IPEF block signed these agreements in Singapore. While India said that it would sign the agreement after getting domestic approval. The official said that the Commerce Ministry has sent both the agreements to the Cabinet Secretariat and soon the Cabinet will consider approving it.
This is the objective
The objective of the agreement on clean economy is to accelerate the efforts of IPEF partners towards energy security and change, climate friendly measures, controlling greenhouse gas (GHG) emissions. Also, to find and develop innovative ways to reduce dependence on fossil fuels like coal, petrol for energy. Apart from this, cooperation in the field of technology, workforce development, capacity building and research collaboration are to be promoted. This agreement will facilitate investment, affordable funding, joint projects, workforce development and technical assistance.
These are the member countries
The US and other partner countries of the Indo-Pacific region jointly launched the 14-member IPEF block on May 23, 2022 in Tokyo. This arrangement is linked to four pillars related to trade, supply chain, clean and fair economy. India has joined all the pillars except trade. Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US and Vietnam are its members.
