Seoul: Clean economy and anti-corruption deals, two of four pillars under the US-led Indo-Pacific Economic Framework (IPEF), will come into force in October, officials here said on Tuesday.
Of the four pillars of the IPEF, the supply chain agreement was launched in February, which came into effect in South Korea in April. Discussions regarding the trade pillar are still in progress.
IPEF members are not required to join all pillars, and each agreement can be implemented with the participation of at least five countries, Yonhap news agency reported.
Trade Minister Cheong In-kyo discussed the progress of the IPEF with participating nations, officials said.
Seoul’s trade ministry said the implementation of these additional pillars will help create new business opportunities, generate jobs and expand investment cooperation, particularly in the clean energy sector.
The fair economy agreement is expected to enhance taxation and administrative transparency within the bloc, fostering a more equitable business environment among member nations, the ministry added.
Meanwhile, India signed key agreements focused on a clean economy, fair economy and the IPEF Overarching arrangement during Prime Minister Narendra Modi’s meeting with the leaders at the Quad Summit in the US.
The IPEF ‘Clean Economy Agreement’ aims to promote technical cooperation, workforce development, capacity building, and research collaborations; and collaborate to facilitate development, access, and deployment of clean energy and climate-friendly technologies.
It aims to collectively accelerate efforts of IPEF partners towards energy security and transition, climate resilience and adaptation and GHG emissions mitigation, said the ministry.
The IPEF ‘Fair Economy Agreement’ intends to create a more transparent and predictable trade and investment environment across the Indo-Pacific.
To achieve these goals, the IPEF partners will collaborate to enhance their efforts in preventing and combating corruption, including bribery, and supporting initiatives to improve tax transparency, the exchange of information, domestic resource mobilisation, and tax administration.
(IANS)
