14 NATIONS SIGN SUPPLY CHAIN AGREEMENT

Established in May 2022, the IPEF aims to enhance economic ties among partner nations for regional growth and prosperity through its four pillars: Trade, Supply Chains, Clean Economy, and Fair Economy

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In a momentous event held in San Francisco, the 14 partner countries of the Indo-Pacific Economic Framework for Prosperity (IPEF) celebrated a pivotal achievement by signing the IPEF Supply Chain Agreement during their third Ministerial Meeting. Led by Union Minister for Commerce and Industry, Piyush Goyal, the meeting marked the culmination of negotiations for Pillar-III (Clean Economy), Pillar-IV (Fair Economy), and the Agreement itself, as stated in a press release by the Ministry of Commerce and Industry.

The IPEF, established in May 2022, stands as a beacon for enhancing economic ties among partner nations, with the overarching goal of fostering growth, peace, and prosperity within the region. Constructed on four fundamental pillars—Trade, Supply Chains, Clean Economy, and Fair Economy—the framework outlines comprehensive strategies for collaborative advancement.

Within the Clean Economy (Pillar-III), the partners committed to advancing cooperation in researching, developing, and deploying clean energy and climate-friendly technologies. Minister Piyush Goyal stressed the urgency of increased collaboration in developing affordable, eco-friendly technologies. He highlighted the significance of promptly executing cooperative programs, including initiatives such as the hydrogen supply chain, India’s proposals for biofuels, and e-waste recycling. Under the Fair Economy