US India Signs Three IPEF Agreements During PM Modi’s US Visit

30 Sep, 2024

US India Signs Three IPEF Agreements During PM Modi’s US Visit

India recently signed multiple agreements under the Indo-Pacific Economic Framework (IPEF) during Prime Minister Narendra Modi's visit to the United States. The agreements focus on fostering a clean economy, promoting a fair economy, and ensuring global prosperity. The signing took place in Delaware as part of Modi's three-day trip for the Quad Summit, marking a significant step in India’s economic collaboration with other IPEF member countries.

The Agreement on Clean Economy aims to enhance technical cooperation, workforce development, and capacity building while facilitating investments in clean energy and climate-friendly technologies. This initiative is expected to boost India's integration into global value chains, particularly in the Indo-Pacific region. The Fair Economy agreement focuses on creating a transparent trade and investment environment by combating corruption and enhancing tax transparency among partners.

An overarching agreement was also established to create a high-level political oversight mechanism for the various IPEF agreements. This structure is designed to promote long-term cooperation and effective implementation of the initiatives outlined in the agreements. Collectively, these efforts aim to accelerate economic growth and stability in the region while addressing critical issues such as energy security and climate resilience.