Piyush Goyal to attend IPEF meet, strengthen trade ties with the US
IPEF is structured around four pillars – Trade, Supply Chains, Clean Economy, and Fair Economy, the commerce ministry said in a statement.
Union minister of commerce and industry Piyush Goyal is visiting the United States next week to attend the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial and participate in the India-US Strategic Partnership Forum.
IPEF was launched by the US along with partner countries of the Indo-Pacific region on May 23 at Tokyo. Prime Minister Narendra Modi attended the launch event along with US President Joe Biden, Japanese Prime Minister Kishida Fumio and other leaders from partner countries. Initial partners of the forum are Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
According to a White House statement issued on May 23, together IPEF members represent 40% of world GDP. Elaborating on its purpose, it said: “IPEF will strengthen our ties in this critical region to define the coming decades for technological innovation and the global economy. Framework will create a stronger, fairer, more resilient economy for families, workers, and businesses in the United States and in the Indo-Pacific region.” The first and the second meetings of IPEF were held in May and July this year.
IPEF is structured around four pillars – Trade, Supply Chains, Clean Economy, and Fair Economy, the commerce ministry said in a statement adding that the minister will visit San Francisco and Los Angeles from September 5 to September 10. Goyal is also minister for consumer affairs, food and public distribution and textiles.
Goyal will also hold bilateral meetings with US Secretary of Commerce, US Trade Representative (USTR) and ministers from other IPEF partner countries on the sidelines of the IPEF ministerial, it added.
“Regular exchanges at the leadership-level have been an integral element of the expanding bilateral engagement. The outcomes emerging from these visits have been instrumental in further strengthening the multifaceted ties between the two countries,” the statement said.
India is committed to a free, open and inclusive Indo Pacific Region and would work towards deepening economic cooperation among partners for growth and prosperity of the region, it said. “The framework is inclusive and allows flexibility to partner countries to associate with pillars based on their respective priorities.”
During the visit, Goyal is also expected to meet with the CEOs of multinational firms, members of the Indian diaspora, venture capitalists and academia to accelerate existing trade and investment relations between Indian and US business communities, it said.
“The visit would focus upon emphasizing the attractiveness of India as the most preferred investment destination with a number of government interventions such as Gati-shakti, Startup India, Investment Corridors, measures undertaken for ease of doing business and improving investment climate,”the ministry added.
Curated interactions with the startup ecosystem that will help in empowering and mentoring their growth and expansion are also on the agenda, the statement said. The Minister will also launch Institute of Chartered Accounts of India’s (ICAI) representative offices in USA, it added.