India opts out of IPEF's trade pillar,will wait for final contours to be decided
Union Commerce and Industry Minister Piyush Goyal has confirmed India's decision to not join the trade pillar of the Indo-Pacific Economic Framework(IPEF) while waiting for the final contours to be finalised before taking a final call on association
India has not joined the trade pillar of the Indo-Pacific Economic Framework(IPEF) with the final contours of the agreement not yet finalized and broader consensus elusive on issues like environment, labour and public procurement.
The minister added, "Fruitful discussions have been held to bring together a group of like minded countries with shared interests. Countries which believe in fair and open trade have come together to work towards a long term engagement in an open Indo-Pacific region"
Continuing his praise, as quoted by news agency PTI, he said "Never before in such multilateral engagements has one seen such speed which shows the commitment of all the 14 countries... And I am sure, together, this group of 14 countries will define the rules of trade amongst countries which believe in fair play and transparency, rules-based trading in the future,"
Goyal had said on Friday that a robust Indo-Pacific Economic Framework for Prosperity (IPEF) is being proposed to be presented soon in Parliament, and India will take its decisions on different aspects based on the national interest.
*With inputs from Agencies
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