Indo-Pacific deal moves ahead with clean, fair eco pillars
The union government will shortly announce the timeline for signing the US-led Indo-Pacific Economic Framework (IPEF), with the legal vetting of clean and fair economy pillars having been completed, two persons aware of the matter said.
During a joint ministerial virtual meeting of all membercountries on Thursday, nations reviewed progress under a supply chain resilience part of the agreement, and the status under other pillars, the first person said.
The member countries announced common working programmes on carbon markets, clean electricity, employment creation, labour rights and aviation fuel, this person said.
In this meeting, IPEF partners announced plans to provide $33 million in initial grant funding for the IPEF Catalytic Capital Fund under the clean economy pillar, the government said in an official statement.
These fund will help catalyze up to $3.3 billion in private investment for climate infrastructure projects in IPEF economies that are part of the IPEF Clean Economy Agreement. Founding supporters of the Fund include Australia, Japan, the Republic of Korea, and the United States, it said.
Next, the IPEF partners will meet in Singapore on 6 June to finalize the terms of the agreement and launch four new Cooperative Work Programs (CWPs).
At the ministerial meeting, Union commerce minister Piyush Goyal talked about the importance of implementing action-oriented plans in the IPEF. He also shared details of the Prime Minister’s Surya Ghar Muft Bijli Yojana with othercountries,explainingthat it not only helps the environment but also has many positive effects on society and the economy. India in November signed a supply chain resilience agreement with the US and 12 other members of the IPEF for Prosperity to reduce its dependence on China.