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The framework is structured around four pillars relating to trade, supply chains, clean economy, and fair economy (issues like tax and anti-corruption). India has joined the three pillars except the trade part. The member countries are holding negotiations to sign separate agreements on these subjects.
IPEF’s Supply Chain Agreement shows a willingness to break with the past and try new ideas to address challenges to supply chains, but its implementation will be key.
India and Brazil have set an "aspirational" target of increasing two-way trade to $50 billion by 2030, according to Commerce Secretary Sunil Barthwal. The current bilateral trade stands at $15.2 billion, and the two countries are aiming for $30 billion in the next 3-4 years. During discussions, the two sides also explored market access issues and areas of cooperation, including biofuels and renewables. They also agreed to expand the existing preferential trade agreement between India and Mercosur, a Latin American trading bloc.
Increasing use of the WTO's national security exemption is the most dangerous loophole in global trade. To remain relevant, the WTO must introduce reforms that solve this existential dilemma.
Tensions over the rise of China should be addressed with globalisation and multilateralism, which can do a lot of the work that diplomatic braggadocio and military deterrence are now vainly attempting.