Lok Sabha Question No. 485 (UNSTARRED), answered on 2023-12-06
Subject: IPEF
Ministry: COMMERCE AND INDUSTRY
Asked by: Sukanta Majumdar, Rahul Ramesh Shewale, Bhola Singh, Pritam Gopinath Munde, Vinod Kumar Sonkar, Jayanta Kumar Roy

## GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY (DEPARTMENT OF COMMERCE)

## LOK SABHA UNSTARRED QUESTION NO. 485 TO BE ANSWERED ON 06/12/2023

## IPEF

485. DR. SUKANTA MAJUMDAR: SHRI RAHUL RAMESH SHEWALE: SHRI BHOLA SINGH: DR. PRITAM GOPINATHRAO MUNDE: SHRI VINOD KUMAR SONKAR: DR. JAYANTA KUMAR ROY:

Will the Minister of COMMERCE & INDUSTRY ( वाणिज्य एवं उद्योग मंत्री ) be pleased to state:

- (a) whether  the  Government  has  recently  participated  in  the  Indo-Pacific  Economic Framework (IPEF) meeting held in United States;
- (b) if so, the details thereof; and
- (c) whether  during  the  meeting,  the  first-of-itskind  IPEF  Supply  Chain  Resilience Agreement was signed with the Ministers from other IPEF partner countries;
- (d) if so, the details thereof; and
- (e) whether the Government has also urged for early implementation of the envisaged cooperative work under IPEF;
- (f) if so, the details thereof; and
- (g) the  steps  being  taken  by  the  Government  for  enhanced  collaboration  to  realize collective aims of the IPEF, particularly on the need for mobilizing affordable financing for clean economy transition and for enhancing technology cooperation?

## ANSWER

okf.kT; ,oa m|ksx ea=ky; esa jkT; ea=h ¼Jherh vuqfiz;k iVsy½

## THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE AND INDUSTRY (SMT. ANUPRIYA PATEL)

- (a) & (b) Yes, India participated in the third-in person Ministerial Meeting of the IndoPacific Economic Framework for Prosperity (IPEF) held on 13-14 November, 2023 and the IPEF Leaders' Meeting held on 16 November, 2023. Both these engagements were held in San Francisco, USA.

(c) to (g) Yes, Sir. During the IPEF Ministerial Meeting on 14 November 2023, India, along with other IPEF partner countries, signed the IPEF Supply Chain Resilience Agreement. As on date, the Agreement has not come into force. As per the provisions of the Agreement, entry into force  shall  be  30  days  after  the  date  on  which  at  least  five  of  the  IPEF  members  submit  their respective instrument of ratification, acceptance, or approval with the Depositary.

IPEF Supply Chain Resilience Agreement is expected to make IPEF supply chains more resilient, robust,  and  well-integrated,  and  contribute  towards  economic  development  and  progress  of  the region as a whole. Further, under IPEF Pillar-III (Clean Economy), India emphasized the need for increased collaboration among partners on research and development of innovative and affordable climate friendly technologies.

Negotiations on IPEF Pillar-III (Clean Economy) and Pillar-IV (Fair Economy) were substantially concluded in November 2023. These Agreements are also expected to come into force following the legal vetting, domestic approval, signing and ratification processes.

As and when these IPEF Agreements enter the implementation phase, Government of India looks forward to actively participate in the collaborative work programmes envisaged under the various IPEF Pillars II to IV, including in the IPEF Pillar-III Clean Economy Investor Forum with an aim to  mobilize  affordable  financing  for  clean  economy  transition  and  to  work  closely  with  IPEF partners for enhancing technology cooperation.

*****