With the scheduled seven rounds of Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations drawing to a close this month, New Delhi continues to be skeptical of joining the trade pillar citing the lack of “tangible benefits”, said a senior government official with direct knowledge of the matter.
The trade pillar is one of the most crucial parts of IPEF that seeks commitment on sensitive areas as agriculture, digital trade and labour and could require changes in domestic regulation. However, in a setback to the Washington-driven IPEF that seeks to counter China’s dominance in the region, an agreement on the trade pillar was not reached in the last round in San Francisco.
IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 last year in Tokyo and is structured around four key negotiating subjects or pillars relating to trade, supply chains, clean economy and fair economy (issues like tax and anti-corruption). But unlike traditional trade deals, IPEF does not deal with market access.
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