IPEF concludes negotiations on clean economy, fair economy
ADVERTISEMENT
The 14 partner countries of the Indo-Pacific Economic Framework for Prosperity (IPEF) have announced substantial conclusion of negotiations on a clean economy and fair economy, the two focus areas of collaboration.
The announcement came after the end of the third IPEF Ministerial Meeting in San Francisco, California on 14 November. India was represented by Piyush Goyal, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles.
Launched jointly by the USA and other partner countries of the Indo-Pacific region on May 23, 2022 at Tokyo, IPEF has 14 partner countries including Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam & USA. It seeks to strengthen economic engagement among partner countries with the goal of advancing growth, peace and prosperity in the region.
July 2025
In the world’s youngest nation—where over 65% of the population is under 35—India’s future is already being shaped by those bold enough to lead it. From boardrooms to breakout ideas, a new generation of business leaders is rewriting the rules. This year's Fortune India’s 40 Under 40 celebrates these changemakers—icons in the making like Akash Ambani, Kaviya Kalanithi Maran, Shashwat Goenka, Parth Jindal, Aman Mehta, and Devansh Jain—who are not just carrying forward legacies but boldly reimagining them for a new era. Alongside them are first-generation disruptors like Sagar Daryani, scaling Wow! Momo with a vision to take ₹100 momos to 5,000 cities, and Palak Shah, turning the Banarasi weave into a global fashion story with Ekaya Banaras. These are the entrepreneurs turning ambition into scale. And even beyond traditional industry, the entrepreneurial wave is pulling in creative forces—Ranveer Singh, for instance, is shaking up wellness and nutrition with Bold Care and SuperYou, proving that passion, backed by purpose, is the new blueprint for building brands.
The framework is structured around four pillars relating to Trade (Pillar I); Supply Chains (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV). India has joined Pillars II to IV of IPEF while it has an observer status in Pillar-I. The third Ministerial saw negotiations under the IPEF Pillar-III (Clean Economy), Pillar IV (Fair Economy) and the Agreement on the Indo-Pacific Economic Framework for Prosperity (which seeks to establish a ministerial-level council and a commission).
The Pillar II negotiation on Supply Chain was the first to be concluded in May itself. The third Ministerial saw partner countries recognizing the importance of building resilient and competitive supply chains across the Indo-Pacific region, and signing the Indo-Pacific Economic Framework for Prosperity Agreement Relating to Supply Chain Resilience (IPEF Supply Chain Agreement).
Under the Clean Economy (Pillar-III), IPEF partners are aiming to advance cooperation on research, development, commercialization, availability, accessibility, and deployment of clean energy and climate friendly technologies, and facilitate investment towards climate-related projects in the region. The Fair Economy (Pillar-IV) is meant to strengthen implementation of effective anti-corruption and tax measures to boost commerce, trade, and investment among IPEF economies.
In a statement issued after the conclusion of the third Ministerial, IPEF partners said they have achieved unprecedented results in record time, developing innovative, first-of-their-kind approaches to addressing 21st century challenges and strengthening economic engagement across a critical region comprising 40% of global GDP and 28% of global goods and services trade.
Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.