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Global trade ministers unite in the US for deal to cut China dependence.
Nov 15, 2023
Trade ministers from 14 countries are poised to announce a significant development in the Indo-Pacific Economic Framework (IPEF) as they finalize agreements on two additional pillars - clean energy & infrastructure and tax & anti-corruption. The signing of an agreement on resilient supply chains is also anticipated later this week. The move reflects a strategic alliance aimed at strengthening diplomatic and economic ties while reducing dependence on China in the post-COVID era.
This announcement will leave only the trade pillar open for further negotiations. India has remained cautious on the trade pillar, maintaining an observer status while keeping options open for the future. The decision regarding India's active participation in the trade negotiations will be considered at a later stage.
Commerce and Industry Minister Piyush Goyal is in the US to attend the ministerial engagements of the Indo-Pacific Economic Framework and the Asia-Pacific Economic Cooperation.
US Treasury Secretary Janet Yellen on Monday said there had been 'very substantial progress' on three of the four areas under discussion by the 14 member countries of the IPEF, but that trade needs 'further work.'
A key element of the Biden administration's strategy to strengthen economic connections with Asian countries and mitigate the increasing influence of China in the Pacific is the IPEF. This forum serves as a platform for engaging in multilateral discussions with the goal of reaching agreements across various domains, including trade.
'My understanding is that very substantial progress has been made on three of the four pillars' of the talks, Yellen said in a news conference in San Francisco, referring to talks on supply chains, the climate transition, and anti-corruption.
The trade pillar is perceived as the most challenging aspect, as it necessitates commitments from participating countries to ease rules in various areas, including labor, environment, agriculture, and inclusivity—areas that have traditionally been considered 'no-go areas.' India's approach is cautious, with negotiators participating in discussions but refraining from making commitments at this stage.
Clean energy and tax-related negotiations are seen as less challenging. India is considered to be ahead of the curve in clean energy, and discussions on tax and anti-corruption align with frameworks established by international bodies such as the OECD and the Financial Action Task Force.
While India has historically refrained from participating in US-led trade groupings, the IPEF has emerged as a platform for engagement. It aims to form a coalition that balances the economic influence of non-market economies, particularly China. India's involvement in these talks signals a strategic shift, leveraging stronger bilateral relations and exploring the potential benefits of the IPEF platform in the evolving global economic landscape.
economictimes.indiatimes.com
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