IPEF will prove to be economically impactful than FTA: US commerce secy

US Commerce Secretary Gina Raimondo on Thursday expressed hope that the Indo-Pacific Economic Framework (IPEF) will prove to be more economically impactful than a free trade agreement (FTA) with India.

The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 in Tokyo. The 14 IPEF partners represent 40 per cent of global GDP and 28 per cent of global goods and services trade.

The framework is structured around four pillars relating to trade, supply chains, clean economy, and fair economy (issues like tax and anti-corruption). India has opted out of the trade pillar and has decided to join the remaining three subjects pertaining to supply chains, clean economy and fair economy.

Raimondo said that a trade agreement with India is at present not on the table and the US Congress has stated that there is no appetite for an FTA.

"My hope is that the IPEF...my strong belief is that it will prove to be in many ways more economically impactful t