On September 22, 2024, during a bilateral meeting in Delaware, Prime Minister Narendra Modi and US President Joe Biden finalized significant agreements related to the Indo-Pacific Economic Framework (IPEF) and the India-US Drug Policy Framework. These agreements included the ratification of Pillar III (Clean Economy) and Pillar IV (Fair Economy) of the IPEF, which aims to enhance economic collaboration among member nations that collectively represent about 40% of global GDP. The Clean Economy pact focuses on energy security and reducing reliance on fossil fuels, while the Fair Economy agreement emphasizes transparency and anti-corruption in trade practices. [c6e8f83f]
The discussions also highlighted the ongoing commitment to combat synthetic drug trafficking and improve public health initiatives. This follows the first-ever U.S.-India Cancer Dialogue held in August 2024, which aimed at fostering collaboration in cancer research and treatment. During the talks, a financial commitment of $50 million from the Development Finance Corporation to Panacea Biotech for vaccine production was announced, underscoring the importance of health cooperation between the two nations. [c6e8f83f]
Earlier in the year, India had already signed agreements under Pillar II on supply chain resilience in February 2024 and opted for observer status in the trade talks under Pillar I. The IPEF, launched by President Biden in May 2022, includes 14 member nations and focuses on fostering economic resilience and sustainability in the Indo-Pacific region. [ec7377ad]
In addition to the recent agreements, India has been actively engaged in cooperative work on carbon markets under the IPEF, with the Ministry of Power overseeing its participation. The country is also exploring additional cooperative work programmes on clean electricity and sustainable aviation fuel, although concerns have been raised regarding the potential impact of international commitments on India's domestic regulations. [a1902791]
Moreover, India signed three crucial agreements earlier in September 2024, which were approved by the Union Cabinet, focusing on enhancing technical cooperation and investments in green technology, as well as creating a predictable trade environment for Micro, Small, and Medium Enterprises (MSMEs). A ministerial-level oversight mechanism has been established to monitor the implementation of these agreements. [f02af313]
In a related development, Uganda signed its fourth Country Programme Framework (CPF) with the International Atomic Energy Agency (IAEA) for the period of 2024-2029, identifying key areas for nuclear cooperation. [640b8a6f]