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3 trade pillars
September 15 , 2022
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- The US-led Indo-Pacific Economic Framework (IPEF) ministerial meet in Los Angeles was concluded recently.
- India opted to stay out of the trade negotiations but it joined the three other pillars of IPEF.
- IPEF is based on four pillars namely trade, supply chains, clean energy and a fair economy.
- India for now refrained from agreeing to the joint declaration on trade.
- This is due to the concerns over commitments required on the environment, labour, digital commerce and public procurement.
- IPEF represents over 40 per cent of the global economy.
- The Indo-Pacific region covers half the population of the world and more than 60% of the global GDP.
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