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WASHINGTON: The United States and 13 Indo-Pacific countries on Friday agreed on parameters for negotiating closer trade, environment and economic ties that US Commerce Secretary Gina Raimondo said would boost investment and jobs in the partner countries.
Highlighting that India had engaged very exhaustively in all the various streams of discussion, Goyal said that on three out of four pillars related to supply chains, tax and anti-corruption and clean energy, India was comfortable with the outcome and text and have joined the declaration.
Union Commerce and Industry Minister Piyush Goyal has confirmed India's decision to not join the trade pillar of the Indo-Pacific Economic Framework(IPEF) while waiting for the final contours to be finalised before taking a final call on association
The Indo-Pacific Economic Framework (IPEF) can change the economic dynamics of the Asia-Pacific region, especially Pakistan as the group is ostensibly created to encourage regional economies to decouple from the Chinese market by providing them alternative supply chains.
Korean Trade Minister Ahn Duk-geun will attend a ministerial meeting of the U.S.-led Indo-Pacific Economic Framework (IPEF) in Los Angeles this week ahead of the launch of official negotiations among member nations, Seoul's trade ministry said Thursday.