Indo-Pacific Economic Framework For Prosperity:
An Inter-Ministerial delegation from India led by the Department of Commerce participated in the second Indo-Pacific Economic Framework for Prosperity (IPEF) negotiating round in Bali, Indonesia from March 13-19, 2023.
- Indo-Pacific Economic Framework for Prosperity (IPEF) is an economic initiative launched by United States President Joe Biden on May 23, 2022.
- IPEF has fourteen member states: Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam.
- During the Bali Round, discussions covered all four pillars of the IPEF: Trade (Pillar I); Supply Chains (Pillar II); Clean Economy (Pillar III); and Fair Economy (Taxation & Anticorruption) – (Pillar IV).
- India participated in the discussions related to Pillars II to IV.