COP28 Preparations Indo-Pacific Economic Framework for Prosperity
The IPEF, launched in 2022, brings together 14 partner countries, including India, with a focus on four pillars: trade, supply chains, clean economy, and fair economy. Sajjanhar provided background on the initiative, emphasizing the shifting global economic gravity from the trans-Atlantic to the Indo-Pacific region.
The program highlighted India’s unique approach, participating as an observer in the trade-related discussions (pillar one) due to concerns about workers’ rights. However, India is a full member in the other pillars, showcasing the flexibility of the framework for countries to associate with specific areas.
The IPEF represents 40% of global GDP and nearly 28% of global production, underlining its economic significance. The discussion then delved into the initiatives led by Union Minister Piyush Goyal, who emphasized the need for cooperative work programs in the clean economy pillar, covering hydrogen supply, biofuels, and e-waste recycling.
Sajjanhar lauded India’s proactive role in climate change initiatives, such as the International Solar Alliance and the recently launched Biofuels Alliance. He highlighted India’s commitment to reach Net Zero Carbon by 2070, making it the only G20 country to meet its Paris Accord commitments.
The importance of information sharing and asset recovery in the fair economy pillar was also discussed. Sajjanhar stressed the significance of transparency, anti-corruption measures, and tax initiatives to boost commerce, trade, and investment among IPEF economies.
The program concluded with appreciation for India’s leadership and credibility in addressing critical global issues, positioning the country as a proactive participant in the upcoming COP28 summit.
As the world awaits the COP28 summit hosted by the United Arab Emirates, the IPEF remains a focal point, demonstrating the commitment of nations in the Indo-Pacific region to collaborative economic and environmental initiatives.