On the sidelines of IPEF, Union Commerce and Industry Minister Piyush Goyal attended ministerial-level talks on ‘Clean Economy and Fair Economy’ on November 14. At the top of their meeting, the Indo-Pacific Economic Framework (IPEF) Ministers posed for a family photograph.
Besides discussion on the two pillars, ministers from 14 countries signed an agreement on the resilient chain under the Indo-Pacific Economic Framework (IPEF) as they sought to forge an alliance to strengthen relations and reduce dependence on China in the post-Covid period.
India joins US & 12 other Indo-Pacific Economic Framework For Prosperity (IPEF) partners to ink the #IPEF Supply Chain Resilience Agreement, a first-of-its-kind international agreement that will:
💪Fortify & strengthen global supply chains
🌎 Foster adaptability, stability &… pic.twitter.com/dqFLQZOSuu— Piyush Goyal (@PiyushGoyal) November 14, 2023
On November 13, other members (not including India) were unable to strike a substantial trade deal during ministerial talks, despite their common goal of promoting a rules-based commercial order in the region where China is growing in influence.
India has so far stayed away from the trade talks while keeping its options open for the future. A decision on the trade pillar, which is being closely watched in the US, will take some time as just around half of it has been negotiated.
Minister Goyal also attended a raft of bilateral meetings including with Ambassador Katherine Tai, United States Trade Representative, on the sidelines of the Indo-Pacific Economic Framework (IPEF) in San Francisco. The two leaders held talks on the IPEF and trade pillars.
Goyal, who is on a four-day visit to the US, also took part in the Investors Round Table organised in collaboration with the US-India Strategic Partnership Forum and Indiaspora.
The event was attended by venture capitalists and entrepreneurs from a wide spectrum of industries in the US, including energy, manufacturing, logistics, and technology, among others.
In an interactive session held in San Francisco as part of the first leg of the tour in the US, the Minister held wide-ranging discussions with the participants and highlighted the various steps taken by the government of India to improve the ease of doing business.
“Highlighted how the country offers promising opportunities for investors, thanks to the unique combination of our demographic dividend, manufacturing capabilities & conducive business environment,” Goyal posted on X, asserting India as an attractive investment destination for the world.
During the US visit till November 16, the Commerce and Industry Minister will participate in the third in-person IPEF Ministerial meeting and the engagements of the Asia-Pacific Economic Cooperation (APEC). India has been invited to the 30th APEC Economic Leaders’ Meeting 2023 as a ‘Guest Economy’.
Goyal arrived in San Francisco on November 13. Kicking off the official tour, the Commerce and Industry Minister visited the Tesla Factory Unit in Fremont and interacted with the senior executives of the Tesla group.
Just shortly after his arrival in the US, Goyal met with Singapore’s Minister for Trade and Industry, Gan Kim Yong. The two leaders discussed ways to accelerate cooperation across sectors to further deepen the economic partnership between India and Singapore.
Taking to X, Goyal stated, “Met H.E. Gan Kim Yong, Minister of Trade & Industry, Singapore, and discussed ways to accelerate cooperation across sectors to further deepen our economic partnership.”
Met H.E. Gan Kim Yong, Minister of Trade & Industry, Singapore, and discussed ways to accelerate cooperation across sectors to further deepen our economic partnership. 🇮🇳 🤝🇸🇬
📍San Francisco, USA pic.twitter.com/FFnYBiUHhU
— Piyush Goyal (@PiyushGoyal) November 14, 2023
One of the key focus of the visit will be the joint event, co-chaired with US Commerce Secretary Gina Raimondo, on the “India-USA Innovation Handshake Initiative”, with the aim to lift up and connect the two sides’ dynamic startup ecosystems, address specific regulatory hurdles to cooperation, and promote further innovation and job growth, particularly in emerging technologies.”
Piyush Goyal is expected to interact with globally renowned technology, entrepreneurship, and academic communities in the Bay Area, particularly in Silicon Valley, to undertake focused discussions with American companies looking to invest or expand in India across sectors – Electronics (including semiconductors), Technology, FinTech etc.
(with inputs from ANI)
