An Indian delegation led by the Department of Commerce recently participated in the second round of negotiations for the Indo-Pacific Economic Framework for Prosperity (IPEF) in Bali, Indonesia. Representatives from 13 other countries also took part in the discussions covering all four pillars of the IPEF: Trade, Supply Chains, Clean Economy, and Fair Economy. India was involved in talks related to the latter three pillars.
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The discussions that took place in Bali as part of the IPEF negotiations were an extension of previous rounds held in Brisbane and New Delhi, with the objective of promoting a common vision for an Indo-Pacific region that is open, well-connected, prosperous, and resilient. The Chief Negotiator from India reaffirmed their belief that the IPEF will lead to increased economic engagement and foster inclusive development in the region by facilitating better trade and investment opportunities.
In addition to participating in the negotiating round, representatives from Indian companies also attended the Stakeholders engagement session and Business Forum, held alongside the IPEF Bali Round. A representative from the National Payments Corporation of India (NPCI) gave a presentation on the Unified Payment Interface (UPI), an example of successful digital public infrastructure in India.
The IPEF Partners have committed to a busy negotiating schedule throughout 2023, with the aim of realizing tangible benefits to enhance economic competitiveness and prosperity in their respective economies.
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