Delhi to sign IPEF pact on clean economy after domestic nod

New Delhi: The government on Thursday said that 13 members of the Indo-Pacific Economic Framework (IPEF) members have signed the fair and clean economy agreements while India will ink the pacts after getting domestic approval. "India did not formally sign these agreements as domestic approval processes are still underway and will be completed after the formation of the new government," the commerce and industry ministry said in a statement.

Talks for these pacts concluded in November last year. The process of government formation is on at present in India as the Lok Sabha elections got over this week. In November last year, the IPEF declared a substantial conclusion of negotiations for a Clean Economy, Fair Economy, and the overarching agreement on the IPEF for Prosperity post which the member countries completed a legal review of the text for these agreements and domestic approval processes.

These agreements will enter into force after at least five IPEF partners complete their internal legal procedures for ratification, acceptance or approval. "Today, IPEF members signed these agreements which are first-of-their-kind approaches to addressing 21st-century challenges and strengthening economic engagement across a critical region. India actively participated in the signing proceedings and the ministerial deliberations," it said.