India has chosen to stay out of the Trade Policy Pillar and it deals with the issues of labor, digital, agriculture, and the environment. This decision was taken in a two-day ministerial meeting of the 14 countries taking place in Los Angeles, US Trade Center on Friday.
India has not joined the trade pillar and is not engaging in the other three areas, including supply chains, clean energy, and a fair economy.
Tai’s words in the meeting:
India is not now in the trade pillar. However, minister (Piyush) Goyal and I have been talking, and we have our bilateral and trade policy forum. I should be meeting him by the end of this year. We would cover the same issues in that bilateral channel. Minister Goyal and I will stay in touch, but he is not now in the trade pillar.
IPEF has about 14 members, including Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, and the US.
The four pillars of the framework structure are trade, supply chains, a fair economy, and a clean economy. Very few people know that IPEF was jointly launched by the US and the other partner countries of the Indo-pacific region on May 23 in Tokyo. It provides for economic partnership among the participating countries to enhance resilience, inclusiveness, economic growth, fairness, and competitiveness in the region.
FAQ
- How many countries are included in IPEF?
Ans. 14
- When is the IPEF found?
Ans. On May 23, Tokyo
- Who is the commerce minister?
Ans. Piyush Goyal
