Cabinet approves India's agreement with 14-member IPEF economic bloc

The Union Cabinet has approved the commerce ministry's proposal to sign the 14-member IPEF (Indo-Pacific Economic Framework for Prosperity) bloc's agreements on a clean and fair economy, an official said on Monday.

In June in Singapore, 13 IPEF bloc members signed these agreements, while India said it would ink the deals after getting domestic approval.

The official, who does not wish to be named, said that the proposal to sign these agreements has been approved by the cabinet in its meeting here on Monday.

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, finding/developing innovative ways of reducing dependence on fossil fuel energy, promoting technical cooperation, workforce development, capacity building, and research collaborations, and collaborate to facilitate development, access, and deployment of clean energy and climate-friendly ..