When was the signing ceremony for the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Agreement, Fair Economy Agreement, and Agreement on IPEF held?

The correct answer is Sun Oct 01 2023 00:00:00 GMT+0530 (India Standard Time).

Key Points

• The signing ceremony for the Indo-Pacific Economic Framework for Prosperity (IPEF) agreements was held on October 1, 2023.
• The agreements aim to address clean economy, fair economy, and economic cooperation among member nations in the Indo-Pacific region.
• The IPEF focuses on enhancing trade, promoting sustainable economic practices, and strengthening regional partnerships.
• This initiative includes 14 participating countries, including India, Japan, South Korea, Australia, and the United States.
• The agreements represent a major milestone in fostering economic resilience and shared prosperity across the Indo-Pacific region.

Additional Information

• Indo-Pacific Economic Framework (IPEF)
  • IPEF is a US-led economic initiative introduced in May 2022 to strengthen economic ties in the Indo-Pacific region.
  • It is centered on four pillars: Trade, Supply Chain Resilience, Clean Economy, and Fair Economy.
  • The framework aims to provide an alternative to China’s influence in the region.
  • It is not a traditional free trade agreement but focuses on cooperation in economic policies and standards.
• Clean Economy Agreement
  • Focuses on promoting green technologies, renewable energy, and reducing carbon emissions.
  • Aims to ensure sustainable economic growth while addressing global climate challenges.
• Fair Economy Agreement
  • Addresses issues such as anti-corruption, taxation standards, and economic transparency.
  • Promotes equitable economic practices and combats illicit financial flows.
• Significance of IPEF
  • Strengthens economic cooperation and supply chain resilience among Indo-Pacific nations.
  • Provides a platform for member countries to collaborate on critical global challenges like climate change and digital economy.