The Union Cabinet will soon take a decision on the commerce ministry’s proposal to seek approval for signing of 14-member IPEF (Indo-Pacific Economic Framework for Prosperity) bloc’s agreements on clean and fair economy, an official said.
Last month in Singapore, 13 IPEF bloc members signed these agreements, while India stated that it would ink the deals after getting domestic approval. The official said the commerce ministry has sent both pacts to the cabinet secretariat and soon the cabinet will take it up for approval.
Agreement on a clean economy intends to accelerate efforts of IPEF partners’ towards energy security and transition, climate resilience and adaptation, GHG (greenhouse gas) emissions mitigation; find/develop innovative ways of reducing dependence on fossil fuel energy; promote technical cooperation, workforce development, capacity building, and research collaborations.
