THE US MAY try to push India for a deeper engagement with the Indo-Pacific Economic Framework for Prosperitay (IPEF) and also join the trade part of negotiations in the 14nation block during Prime Minister Narendra Modi's visit to that country from June 21 to June 23, according to trade experts.
"On IPEF, India has been a bit wary. The US will expect India to participate more (in this US-led initiative)," international trade expert and former professorat Jawaharlal Nehru University, Biswajit Dhar said.
India has opted out of the trade part of the negotiations of the IPEF block which accounts for 40% of world's GDP and 28% of world's trade in goods and services. IPEF has 14 members Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, US, Philippines, Singapore, Thailand and Vietnam.
The US launched IPEF to counter China's influence in South-east Asia and South Asia. Apart from trade it is negotiating supply chains, clean energy, decarbonisation, infrastructure, tax and anti-corruption. Even in trade talks, tariffs are not being discussed. The economy of the size of India not participating fully in the US-led initiative has divested it of some heft.
This story is from the June 20, 2023 edition of Financial Express Mumbai.
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This story is from the June 20, 2023 edition of Financial Express Mumbai.
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