CrackitToday App

IPEF Ministerial Meeting 2024

IPEF Ministerial Meeting 2024:

India participated in the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting, held in Singapore on 6th June 024, showcasing the significant strides made in fostering economic engagement among partner countries in the Indo-Pacific region.

  • IPEF members signed 3 agreements focused on the Clean Economy, Fair Economy, and the overarching IPEF Agreement.
  • India did not formally sign these agreements as the domestic approval process is still underway.
  • It aims to accelerate efforts towards energy security, climate resilience, and reducing GHG emissions.
  • India has taken a leading role in launching a new collaborative effort called a “Cooperative Work Programme” (CWP) that is focused on recovering valuable resources from electronic waste, also known as e-waste urban mining.
  • IPEF Catalytic Capital Fund was launched to support clean economy infrastructure projects in IPEF emerging and upper-middle-income economies.
  • The founding supporters such as Australia, Japan, Korea, and the US have provided USD 33 million as an initial grant funding to catalyse USD 3.3 billion in private investment.
  • It aims to create a more transparent and predictable business environment, promote fair competition, and enhance efforts against corruption.
  • India highlighted a training program in Digital Forensics & System-Driven Risk Analysis that it will offer to other IPEF partners.
  • It provides digital skills training, primarily to women and girls, in IPEF partner countries.
  • In the last 2 years, it has provided 10.9 million upskilling opportunities, of which 4 million were in IndIPEF?