29 May 2023 : PIB

PRESS INFORMATION BUREAU

29-May-2023

Daily Current Affairs For UPSC ,The PIB ( Press Information Bureau )

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1. Successful and substantial conclusion of text-based negotiations of IPEF Pillar-II (Supply Chains); good progress under other Pillars

GS 2 – IR, Prelims

Context:

• The second IPEF Ministerial Meeting was held in Detroit yesterday hosted by the US. Union Minister for Commerce and Industry.

About Indo-Pacific Economic Framework for Prosperity (IPEF)

• IPEF was launched jointly by the USA and its partner countries of the Indo-Pacific region in May 2022 at Tokyo.

• It has 14 partner countries including India.

• Other partners include Australia, Brunei, Fiji, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam & USA.

• Objective: It seeks to strengthen economic engagement among partner countries with the goal of advancing growth, peace and prosperity in the region.

Four Pillars of IPEF:

• The framework is structured around the following four pillars

• 1. Trade (Pillar I);

  2. Supply Chains (Pillar II);

  3. Clean Economy (Pillar III); and

  4. Fair Economy (Pillar IV).

• India had joined Pillars II to IV of IPEF. For Pillar-1, India has only an observer status. 

• At this Ministerial Meeting yesterday, negotiations under the Supply Chains (Pillar-II) were substantially concluded.

• Pillar-wise Press Statement was issued at the end of the Ministerial meeting to provide an update on the developments related to text-based negotiations under each of the respective IPEF Pillars.

• Under the Supply Chains (Pillar-II), IPEF partners are seeking to fulfill four objectives:

• 1. Make supply chains more resilient, robust, and well-integrated through crisis response measures;

  2. Secure the Cooperation for mitigation of disruptions to better ensure business continuity, and improve logistics and connectivity;

  3. Promote investments particularly in critical sectors and production of key goods; and

  4. Worker role enhancement through requisite upskilling and reskilling, and increasing comparability of skills credentials frameworks across IPEF.

• Under the Clean Economy (Pillar-III), IPEF partners are aiming:

  1. to advance cooperation on research, development, commercialization, availability, accessibility, and deployment of clean energy and climate friendly technologies, and facilitate investment towards climate-related projects in the region.

  2. To introduce a regional hydrogen initiative to encourage widespread deployment of renewable and low-carbon hydrogen and its derivatives in the region.

• In Pillar III, India would like to focus on action-oriented elements, such as mobilization of low cost long tenure climate finance and enhanced access to clean energy technologies. 

• Under the Fair Economy (Pillar-IV), IPEF partners are working towards the development of the text of an agreement that will strengthen implementation of effective anti-corruption and tax measures to boost commerce, trade, and investment among IPEF economies.

2. Under Mass mobilisation of Mission LiFE   Zoological Survey of India, Hyderabad takes part in  program

GS3- Environment, Prelims

Context:

• This year, on World Environment Day (June 5) the Ministry of Environment, Forest and Climate Change, will celebrate with a thrust on the Mission LiFE.

About Mission LiFE:

• The concept of Lifestyle for Environment(LiFE) was introduced by the PM, at the World Leaders’ Summit in Glasgow at the 2021 UNFCCC COP26.

• He gave a clarion call to rekindle a global pursuit to adopt sustainable lifestyle and practices.

• Mass mobilisation across the country on LiFE are being organized in the run-up to the celebrations.

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