On September 21, 2024, India signed historic agreements focused on the Clean Economy, Fair Economy, and the overarching Indo-Pacific Economic Framework (IPEF) during Prime Minister Narendra Modi’s visit to the U.S. for the Quad Summit. The IPEF Clean Economy Agreement aims to enhance technical cooperation workforce development, promote clean energy technologies, and facilitate investments, particularly for micro, small, and medium enterprises (MSMEs). The Fair Economy Agreement seeks to create a transparent trade environment, combat corruption, and improve tax transparency among partner countries, emphasizing capacity-building initiatives. The Overarching IPEF Agreement establishes a Ministerial-level oversight mechanism to ensure the effective implementation of the individual agreements.
Investment opportunities were highlighted at the first Investor Forum, which identified US$ 23 billion in priority infrastructure projects, including US$ 4 billion from India. The IPEF also includes funding initiatives like the Catalytic Capital Fund to stimulate private investments. Additionally, initiatives such as the Upskilling Initiative for women and girls, Critical Mineral Dialogue for sustainable mining, and a Tech Council for cooperation on key technologies further strengthen regional collaboration. Launched in May 2022, the IPEF comprises 14 countries and aims to enhance economic resilience in the Indo-Pacific region.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.