India will decide on IPEF only after clarification on contentious issues

Los Angeles: India has objected to the points proposed by the ‘IPEF’ (Indo-Pacific Economic Framework), which was set up to expand trade cooperation among 14 countries in the Indo-Pacific region. Commerce Minister Piyush Goyal clarified that India would take a decision only after getting detailed information on the point it objected to. At the same time, Commerce Minister Goyal has clearly indicated that India will not compromise on any issue that threatens its interests.

IPEF was announced on May 23 in Tokyo. It included 14 countries in the United States and the Indo-Pacific region. It had been reported at that time that IPEF was being established to ensure economic development by establishing trade and alternative supply chains. The organisation included Australia, New Zealand, the Philippines, Singapore, Thailand, Vietnam, Japan, Brunei, Fiji, Indonesia, South Korea, Malaysia, the United States and India. An IPEF meeting was organised recently in the USA. Commerce Minister of India Piyush Goyal was present on this occasion.

A discussion was held on the goals of IPEF in the said meeting. It laid down four fundamental pillars: trade, supply chain, clean economy and fair economy. India agrees with the first three of these pillars. However, the necessary explanation about a fair economy has not come. India will not announce its commitment until that becomes clear. India has said it will announce its decision after taking the necessary time. A senior official explained India’s position.

Although not all the details of the objection registered by India have been disclosed at the official level, an Indian official has given information highlighting the issue. The official has said that India will not bind itself to the IPEF agreement on free trade in agriculture under no circumstances. Therefore, countries like the United States and Australia need a big Indian market for their advanced agricultural sector. For this, these countries have constantly been striving and trying to influence India’s agricultural sector in different ways. However, the Government of India has made it clear time and again that the interest of small farmers in our country will never be overlooked.

It has surfaced that there is a strong possibility that issues targeting India’s agriculture sector may have been raised while determining the goals of IPEF, according to the information given by the Indian official. Hence, India seems to have taken a firm stand in the meeting of IPEF in the US that no decision can be taken in this regard unless concrete information comes out in this regard. The statement made by Commerce Minister Piyush Goyal had also given a clear indication of the same.

Meanwhile, speaking at an event in Los Angeles, Commerce Minister Piyush Goyal has expressed his confidence that India will become a 35 to 45 trillion-dollar economy in 2047. Citing the report given by the Confederation of Indian Industry, the commerce minister said that India would be included among the world’s developed countries in 2047.