The Indo-Pacific Economic Framework for Prosperity (IPEF)
The Indo-Pacific Economic Framework for Prosperity (IPEF) focuses on four key pillars: Trade, Supply Chain Resilience, Clean Economy, and Fair Economy, with an overarching agreement providing political oversight. In November 2023, India signed the Pillar II (Supply Chain Resilience) agreement, which took effect in February 2024. India also signed agreements for Pillar III (Clean Economy), Pillar IV (Fair Economy), and the IPEF Overarching Agreement on September 21, 2024, which became effective in October 2024.
India holds the position of Vice Chair of the Supply Chain Council (SCC) under Pillar II. The SCC’s inaugural meeting in Washington in September 2024 formed the Action Plan Teams. These were for chemicals, semiconductors, minerals (focused on batteries), and pharmaceuticals/healthcare. India leads the Action Plan Team for pharma/healthcare. Subsequently, they established two more subcommittees—logistics and movement of goods and data and analytics.
Furthermore, in June 2024, an Indian delegation, including twenty energy start-ups, participated in the IPEF Clean Economy Investor Forum in Singapore. This forum connected investors, clean economy companies, and regional start-ups to drive investments in sustainable infrastructure, climate technology, and renewable energy.
India spearheads Cooperative Work Programs under the Clean Economy Agreement (Pillar III) with a focus on urban e-waste mining.
Above all, the terms of reference for all three bodies under Pillar II—the Supply Chain Council (SCC), Crisis Response Network (CRN), and Labour Rights Advisory Board (LRAB)—are now final.
References & Related Articles:
- Press Information Bureau: 2024 Year End Review for Department of Commerce
- The Hindu – What is the Indo-Pacific Economic Framework for Prosperity?
- The Hindu – Strengthening the India link in the Indo-Pacific Economic Framework for Prosperity
Want to stay informed and inspired? Subscribe to our blog for insightful updates delivered straight to your inbox. Explore our website for a curated collection of reference books, resources, and more – designed to fuel your curiosity and keep you ahead.
Download this post for quick, offline reference:
2 thoughts on “India’s Role in the Indo-Pacific Economic Framework Explained”