India will host a meeting of the Indo-Pacific Economic Framework for Prosperity, or IPEF, in February next year.

Fourteen countries, including Japan, the United States, India and Australia, participate in the economic partnership.

The US Commerce Department says IPEF ministers decided at an online meeting on Monday to hold a special negotiating round on February 8 through 11.

The ministers agreed to accelerate negotiations to enhance the economic competitiveness of all participating countries.

The agenda will cover three areas -- supply chains, clean economy, and fair economy.

In September, IPEF partners agreed to start negotiations on four pillars, including strengthening supply chains for such key items as semiconductors, and facilitating trade using digital technology.

The members aim to conclude negotiations as soon as possible, amid China's growing influence in the Indo-Pacific region.

But unlike other economic partnerships, the IPEF doesn't include the elimination or reduction of tariffs.

Observers are wondering whether the framework can bring specific benefits to its partners.