CURRENT AFFAIRS

Detailed explanation-1: -Notes: India pulled out of the trade-related negotiations of the United States-led Indo-Pacific Economic Framework (IPEF). Union Commerce and Industry Minister Piyush Goyal confirmed India’s decision of not joining the trade pillar of IPEF. The IPEF Ministerial Meet was recently hosted by the United States.

Detailed explanation-2: -India’s decision to opt out of the trade pillar of the Indo-Pacific Economic Framework (IPEF), a new economic initiative driven by the US, is not surprising.

Detailed explanation-3: -These relate to supply chains, tax and anti-corruption, and clean energy. However, it has decided to opt out of the trade pillar for now. Commerce and Industry Minister Piyush Goyal cited the lack of a broader consensus on issues such as environment, digital trade, labour and public procurement.

Detailed explanation-4: -The launch began discussions of future negotiations on the following pillars: (1) Trade; (2) Supply Chains; (3) Clean Energy, Decarbonization, and Infrastructure; and (4) Tax and Anti-Corruption. The IPEF is designed to be flexible, meaning that IPEF partners are not required to join all four pillars.

Detailed explanation-5: -The 14 members of the IPEF are – Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and the US. The framework is structured around four pillars relating to trade, supply chains, clean economy, and fair economy.