IPEF will promote inclusive development, India says at 2nd negotiating round held in Bali

Participating in the second negotiating round of the Indo-Pacific Economic Framework for Prosperity (IPEF) held in Bali, Indonesia from March 13-19, India emphasized the importance of enhancing economic engagement and promoting inclusive development in the region.

Negotiators from 13 other countries, including, the United States, Australia, Brunei Darussalam, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam also participated in the Bali negotiating round. The inter-ministerial delegation from India was led by the Department of Commerce.

According to the Ministry of Commerce and Industry, the discussions covered all the four pillars of the IPEF: Trade (Pillar I); Supply Chains (Pillar II); Clean Economy (Pillar III); and Fair Economy (Taxation & Anticorruption) - (Pillar IV). India participated in the discussions related to Pillars II to IV.

“Building on the discussions that took place during the previous rounds: First IPEF Round held in Brisbane, Australia, in December 10-15, 2022, and the Special negotiating round held in New Delhi, India from February 8-11, 2023, in Bali, IPEF Partners undertook in-depth text-based discussions and conducted follow-up conversations as they work to advance a shared vision for an open, connected, prosperous and resilient Indo-Pacific region,” the ministry said on Wednesday.

The Indian Chief Negotiator reiterated India's belief that IPEF will deepen the economic engagement and promote inclusive development through enhancement in trade and investment in the region.

On the sidelines of the negotiations, India’s Chief Negotiator and Pillar Leads also held bilateral meetings with IPEF countries and other stakeholders.

Indian companies participated in the Stakeholders Engagement Session and Business Forum organized on the margins of the negotiating round. Additionally, a National Payments Corporation of India (NPCI) official provided a thorough presentation at the business forum on the Unified Payment Interface (UPI).

According to the Ministry of Commerce & Industry, the IPEF partners have committed to an aggressive negotiating schedule through 2023 with the objective of realizing concrete benefits to enhance a shared vision for economic competitiveness and prosperity in their respective economies.