India inks pact with IPEF bloc
The agreements would help facilitate development, access, and deployment of clean energy and climate-friendly technologies
President Joe Biden, Prime Minister Narendra Modi, Australia’s Prime Minister Anthony Albanese and Japan’s Prime Minister Fumio Kishida at the Quad Leaders Summit at Archmere Academy in Claymont, Delaware, USA, on Saturday
New Delhi: India on Sunday signed the 14-member IPEF (Indo-Pacific Economic Framework for Prosperity) bloc’s agreements on a clean and fair economy with an aim to enhance cooperation in these areas.
The agreements would help facilitate development, access, and deployment of clean energy and climate-friendly technologies; catalyse investment and strengthen measures for anti-corruption, tax transparency etc. and improve business environment, the Commerce Ministry said in a statement.
In June in Singapore, 13 IPEF bloc members signed these agreements, while India said it would ink the deals after getting domestic approval.
“India signed and exchanged the first-of-its-kind agreements focused on Clean Economy, Fair Economy, and the IPEF Overarching arrangement under IPEF for prosperity, on September 21 at Delaware, USA, in the presence of Prime Minister Narendra Modi, who is on 3-day visit to the US for the Quad Summit,” it said.
The agreement on clean economy intends to accelerate efforts of IPEF partners towards energy security, GHG (greenhouse gas) emissions mitigation, developing innovative ways of reducing dependence on fossil fuel energy, promoting technical cooperation, capacity building, besides collaborating to facilitate development, access, and deployment of clean energy and climate-friendly technologies. It will also facilitate investments, project financing including concessional financing, joint collaborative projects, workforce development and technical assistance for industries.
