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PIB Summary for UPSC

10-April-2024

1. Indo-Pacific Economic Framework for Prosperity (IPEF) to organise Clean Economy Investor Forum in Singapore

Topic: GS2 – International Relations – Regional and global groupings

This topic is crucial for UPSC as it pertains to international economic cooperation, sustainable development, and climate change mitigation strategies.

Context
●   The news is about the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum, which aims to mobilize investments into sustainable infrastructure and climate technology projects.

 Additional information on this news:

  • The Indo-Pacific Economic Framework for Prosperity (IPEF) aims to promote resilient, sustainable, and inclusive economic growth among its 14 partner countries.
  • One of the initiatives under IPEF is the Clean Economy Investor Forum, which mobilizes investments into sustainable infrastructure, climate technology, and renewable energy projects.
  • Managed by Invest India, the forum provides a platform for top investors, financial institutions, innovative companies, startups, and entrepreneurs to collaborate.
  • The Climate Tech Track invites applications from climate tech companies and startups across member countries to be recognized and presented to global investors.
  • The Infrastructure Track showcases selected investible sustainable infrastructure projects in areas such as energy transition, transport and logistics, and waste management.
  • Priority is given to projects ready for private investment within the next 18 months.
  • Indian investors aiming to invest in IPEF partner countries are encouraged to participate in the forum.
  • Interested parties can apply for the Climate Tech Track until 26th April 2024, and the forum is scheduled for 5th – 6th June 2024 in Singapore.
 More about The Indo-Pacific Economic Framework for Prosperity (IPEF):

● The Indo-Pacific Economic Framework for Prosperity (IPEF) is a strategic initiative aimed at fostering economic cooperation and development across the Indo-Pacific region.

●  It seeks to promote sustainable economic growth, enhance connectivity, and facilitate trade and investment among participating countries.

● The framework emphasizes the importance of inclusive and transparent economic policies that benefit all stakeholders.

● Key components of the IPEF include infrastructure development, digital connectivity, and trade facilitation measures.

● It encourages collaboration on innovation and technology to drive economic advancement and address emerging challenges.

The IPEF serves as a platform for dialogue and coordination among governments, businesses, and other stakeholders to promote economic prosperity.

● Participating countries commit to implementing reforms and initiatives to enhance economic integration and competitiveness.

The framework prioritises the development of human capital and skills to support sustainable economic growth and social progress.

● By fostering closer economic ties and cooperation, the IPEF aims to contribute to peace, stability, and prosperity in the Indo-Pacific region.

Practice Question:  What are the objectives and significance of the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum? (150 Words /10 marks)

2. EU-India join forces to promote start-up collaboration on Recycling of E-Vehicles Batteries under Trade and Technology Council

Topic: GS2 – International Relations – Bilateral Relations

The topic is crucial for UPSC as it addresses international cooperation, sustainable development, and technological innovation in clean energy sectors.

Context
●   The EU and India launch an Expression of Interest for startups in Battery Recycling Technologies for Electric Vehicles, fostering cooperation and innovation under the India-EU Trade & Technology Council.

 Additional information on this news:

  • The European Union (EU) and India have launched an Expression of Interest (EoI) for startups in Battery Recycling Technologies for Electric Vehicles (EVs) to enhance cooperation between European and Indian Small and Medium-sized Enterprises (SMEs) in clean and green technologies.
  • This initiative falls under the India-EU Trade & Technology Council (TTC), aiming to promote a sustainable agenda and stronger economic relations.
  • The Matchmaking Event in June 2024 will feature twelve innovators (six from each region) pitching their solutions, with six finalists receiving opportunities to visit India and the EU respectively.
  • The event aims to support startups/SMEs in advancing battery recycling technologies for EVs, fostering cooperation, exploring trade and investment avenues, and deepening customer relations.
  • It offers Indian innovators a chance to collaborate with EU counterparts, accelerating the development of advanced battery recycling techniques focused on waste minimization and resource sustainability.
 More about India-EU Trade & Technology Council (TTC):

● The India-EU Trade and Technology Council (TTC) was launched in February 2023 to deepen bilateral trade and technological collaboration between India and the European Union (EU).

● It aims to address trade-related issues, promote sustainable development, and facilitate investment and market access for businesses from both sides.

● The TTC focuses on enhancing cooperation in key areas such as digitalization, climate change, healthcare, and research and innovation.

●  It provides a platform for dialogue and negotiation on trade policies, regulatory frameworks, and standards to promote mutual interests and resolve disputes.

● The council seeks to leverage the potential of emerging technologies and foster innovation ecosystems to drive economic growth and resilience in both India and the EU.

●Through collaborative initiatives and joint projects, the TTC aims to create opportunities for businesses, promote job creation, and enhance the overall competitiveness of the India-EU trade relationship.

PYQ: The adoption of electric vehicles is rapidly growing worldwide. How do electric vehicles contribute to reducing carbon emissions and what are the key benefits they offer compared to traditional combustion engine vehicles? (250 words/15m) (UPSC CSE (M) GS-3 2023)
Practice Question:  Discuss the significance of international collaboration in advancing battery recycling technologies for Electric Vehicles (EVs) in achieving sustainable development goals. (150 Words /10 marks)

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