India Awaits Approval to Ink IPEF Fair and Clean Economy Agreement

The Indian government is set to sign the IPEF agreements after necessary domestic approvals. Thirteen IPEF bloc members have already signed the fair and clean economy agreements, which aim to address 21st-century challenges and strengthen regional economic engagement. India participated actively in the ministerial deliberations held in Singapore.

On Thursday, the government announced that 13 members of the Indo-Pacific Economic Framework for Prosperity (IPEF) bloc have signed fair and clean economy agreements. India, however, will finalize the deal only after securing domestic approvals.

According to a commerce ministry statement, India's formal signing of the agreements awaits the completion of its domestic approval process, which will conclude with the formation of the new government following the recent Lok Sabha elections.

The IPEF, jointly launched by the US and other Indo-Pacific nations in May 2022, includes countries accounting for 40 percent of the world’s economic output. The agreements, finalized in Singapore, aim to enhance regional economic engagement and address challenges like energy security and corruption. The Indian delegation at the meet was led by Commerce Secretary Sunil Barthwal.