IPEF: India gave a big blow to China, signed agreement with IPEF members including America

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IPEF: India, the US and 12 other members of the IPEF group have signed an agreement to bring flexibility in the supply chain. This will help mitigate the risks of economic disruptions caused by possible relocation of production centers to critical areas and supply chain shocks. The agreement was signed in San Francisco. Commerce and Industry Minister Piyush Goyal is currently in San Francisco to attend the ministerial meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF). This agreement will help member countries like India to reduce their dependence on China. The outbreak of the COVID-19 pandemic severely disrupted the global supply chain, as most countries depend on China for various products such as pharmaceutical raw materials.

Piyush Goyal wrote on social media platform ‘X’ on Wednesday that India signed ‘IPEF Supply Chain Resilience Agreement’ with the US and 12 other IPEF partners. This is the first international agreement of its kind that will strengthen global supply chains and promote adaptability and sustainability. Members of the group concluded negotiations on this agreement in Detroit on May 27 this year. This agreement will help in supply chain diversification, investment mobilization, better access of India to global value chains, support to MSMEs and creation of a seamless regional trade ecosystem, which will facilitate the flow of Indian products. According to a statement issued by the Commerce Ministry, the agreement was signed by the minister along with ministers of other IPEF partner countries. According to the statement, this agreement will make the IPEF supply chain more flexible, stronger and well-integrated. It is expected to contribute to the economic growth and progress of the entire region.

Held a bilateral meeting with US Secretary of Commerce @SecRaimondo on the sidelines of the IPEF Ministerial Meeting and discussed the growing India-US commercial cooperation & business engagement.

An MoU on “Enhancing Innovation Ecosystems through an Innovation Handshake” was… pic.twitter.com/TCIiXPQkmo

— Piyush Goyal (@PiyushGoyal) November 15, 2023

Addressing the event, Goyal stressed on enhancing cooperation to realize the collective goals of IPEF – especially the need to mobilize affordable financing and enhance technology cooperation for the transition to a clean economy. He also urged for early implementation of the cooperative actions envisaged under IPEF, including the bio-fuel alliance suggested by India. Apart from this, the ministers of IPEF partner countries also had a fruitful discussion on the ‘substantial’ progress made in the pillars of clean and fair economy. On the sidelines of the IPEF ministerial meeting, Goyal held bilateral meetings with US Commerce Secretary Gina Raimondo and Malaysia’s International Trade and Industry Minister Tengku Zafarul Aziz. During talks with his counterparts from ASEAN countries, the minister suggested early completion of the review process of the free trade agreement. IPEF was formed jointly by the US and other partner countries of the Indo-Pacific region on May 23 last year in Tokyo, the capital of Japan. Its member countries are Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, USA and Vietnam.

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