Trade aversion

India must review its IPEF stand

India’s decision to opt out of the trade pillar of the Indo-Pacific Economic Framework (IPEF) is disappointing and will adversely affect longer-term economic prospects. Although India joined the other three pillars of the framework related to supply chains, tax and anti-corruption, and clean energy, the stand on trade will weaken its overall position. The government has argued that in the context of trade, the contours in terms of commitments to be made in areas such as labour, environment, and public procurement are still emerging. It is not clear what member countries will gain and whether some of the conditions would