Singapore is set to host the signing of the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Agreement on Thursday. The agreement aims to boost investments in the clean economy sector and advance the development of affordable technologies, according to an official.
The IPEF members, including India and the US, finalized talks for the agreement back in November last year. Following the signing, the agreement will be ratified for acceptance. A delegation from the Indian commerce ministry is already in Singapore for the signing ceremony, as the official confirmed that the legal scrubbing of the agreement is complete. The IPEF was established jointly by the US and other partner countries in the Indo-Pacific region on May 23, 2022, in Tokyo. Together, these countries represent a significant portion of the global economy and trade.
The framework of the IPEF is centered around four pillars, including trade, supply chains, clean economy, and fair economy. India has joined all but one pillar – trade. The members of this bloc have already implemented several agreements aimed at strengthening economic cooperation and promoting sustainable trade practices in different sectors. For instance, they have signed a supply chain agreement in February that promotes efficient cross-border logistics and transportation among member countries.
The two-day IPEF Clean Economy Investor Forum meeting started on Wednesday in Singapore. This forum brings together major investors, government agencies, innovative companies and entrepreneurs to discuss investment opportunities in climate-related projects and technologies across various sectors such as renewable energy, green finance and sustainable agriculture.
The implementation of this clean economy agreement is expected to enhance investment in India’s clean energy sector and support sustainable development efforts across different regions. According to an official statement issued earlier this year, it will provide technical assistance and capacity building support to help member nations transition towards a low carbon economy while creating new export opportunities for businesses operating within this framework.
Overall, with its focus on promoting economic cooperation between partner countries while fostering sustainable practices across various sectors
