India participates in the US-led IPEF negotiating round in Bali

India participated in the US-led Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations in Bali last week, the department of commerce said on Wednesday.

Apart from India, negotiators from 13 other countries, including the US, Australia, Brunei Darussalam, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam also participated in the Bali negotiating round. The first round of negotiations took place in Australia in December. Thereafter, India hosted a special round in February.

During negotiations issues related to trade, supply chain, clean economy, fair economy, and supply chains were taken up. India participated in the discussions pertaining to only three pillars, as it decided to be an observer in the trade pillar.

“During negotiations, the Chief Negotiator of India reiterated India’s belief that IPEF will deepen the economic engagement and promote inclusive development through enhancement in trade and investment in the region. On the sidelines of the negotiating round, the chief negotiator and the pillar leads also held bilateral meetings with IPEF countries and other stakeholders concerned,” an official statement said.

“IPEF Partners have committed to an aggressive negotiating schedule throughout 2023 with the objective of realising concrete benefits to enhance a shared vision for economic competitiveness and prosperity in their respective economies,” the statement said.

Currently, IPEF is one of the focus areas of the US. During her visit to India earlier this month, US Commerce Secretary Gina Raimondo had said the US was moving with the IPEF at an “unprecedented pace” and was hopeful of concluding agreements on all four pillars of IPEF by the end of the year.