In a letter to Commerce Minister, they highlight that India’s decision to join the Indo-Pacific Economic Framework (IPEF) for Prosperity has “happened without due consideration and parliamentary scrutiny regarding IPEF’s implications” for the country’s economic and development policy space.
The Indo-Pacific Economic Framework for Prosperity or IPEF is a US led trade agreement with expansive rules on regulatory issues of which India is a partner country. The IPEF Ministerial is supposed to take place in Detroit, US from tomorrow.
On behalf of the Forum for Trade Justice, a letter on behalf of Farmers and CSOs has been sent to the Indian Commerce Minister. The letter highlights the perils of participating in the IPEF and urges the Commerce Minister to withdraw from the IPEF processes.
Joining the IPEF is problematic but joining the trade pillar, even though it does not involve tariff cuts, will impact domestic policy space on agriculture, digital economy, labour and environment, among other issues. The US is expected to make way for its MNC products and services through changing standards and regulations in India.
Read the full letter below: