Union Cabinet Poised to Approve Key IPEF Agreements

The Indian Union Cabinet is on the verge of making a crucial decision regarding the commerce ministry's proposal to sign agreements under the 14-member Indo-Pacific Economic Framework for Prosperity (IPEF). This move follows the recent agreement signing by 13 IPEF bloc members in Singapore, with India awaiting domestic approval.

An official revealed that the commerce ministry has forwarded both agreements to the cabinet secretariat, and a discussion by the cabinet is imminent. The clean economy agreement aims to bolster energy security, climate resilience, and the reduction of greenhouse gas emissions, encouraging innovative steps to reduce reliance on fossil fuels.

Additionally, the fair economy agreement seeks to enhance transparency, predictability, and anti-corruption measures within the business environment, aiming to spur greater trade and investment. The agreements also emphasize tax transparency and information exchange among member authorities.

(With inputs from agencies.)