India to Sign IPEF Agreements for Clean and Fair Economy

The Union Cabinet has greenlit India's participation in the Indo-Pacific Economic Framework for Prosperity (IPEF) agreements on clean and fair economy. These agreements focus on energy security, climate resilience, and transparency in business. India is set to join 13 other IPEF members in these initiatives.

The Union Cabinet has officially approved India's participation in the Indo-Pacific Economic Framework for Prosperity (IPEF) agreements, an official revealed on Monday. These accords aim to foster a clean and fair economy by advancing energy security, climate resilience, and business transparency.

Previously, 13 of the IPEF's 14 members had signed the agreements in June during a meeting in Singapore, with India reserving its commitment pending domestic approval. The terms aim to mitigate greenhouse gas emissions, promote clean energy, and curtail corruption.

Launched on May 23, 2022, the IPEF comprises countries such as the US, Japan, and Australia, collectively accounting for 40 percent of global economic output. India has opted into all the framework's pillars except trade, with the agreements set to be enforceable once ratified by at least five members.

(With inputs from agencies.)