Bilateralism will be central to Indian trade policy

Significance

The IPEF, led by the United States and designed to deepen economic cooperation between members, involves four key pillars. India was the only member not to agree to the commitments outlined in the ministerial statement on the trade pillar.

Impacts

• India’s determination to continue trading with Russia will remain a sore point in its partnerships with Western players.
• Delhi will reject calls to join the Regional Comprehensive Economic Partnership.
• The IPEF may not outlast US President Joe Biden’s administration.