LOS ANGELES : Commerce and Industry Minister Shri Piyush Goyal visit US and held a meeting with Venture Capitalists & representatives of Singularity University. He highlighted how digitisation is powering India’s growth, pitched for India story & invited them to become partners in this transformative journey. Goyal said that on three out of four pillars related to supply chains, tax and anti-corruption and clean energy, India was comfortable with the outcome and text and has joined the declaration, he also said that fruitful discussions had been held over the course of the Indo-Pacific Economic Framework (IPEF) Ministerial meeting to bring together a group of like-minded, rules-based, transparent countries with a shared interest in an open Indo-Pacific region. Goyal also met Australian Trade Minister Don Farrell on the side-lines of IPEF meet in Los Angeles on Saturday.
Shri Piyush Goyal also visited the Los Angeles Port, one of the busiest seaports in the world.”It is the right time to invest in India’s ports sector that is being expanded & upgraded to strengthen logistics. India & US look to deepen trade & investment ties & build resilient global supply chains”, he tweeted.
On one pillar, which deals primarily with trade, the Minister said that the contours of the framework – particularly on commitments required on environment, labour, digital trade and public procurement — are still emerging.
“We have to see what benefits member countries will derive and whether any conditionalities on aspects like environment may discriminate against developing countries who have the imperative to provide low cost and affordable energy to meet the needs of our growing economy, the Minister, who is in United States, said in a statement.
Goyal also underscored that India was in the process of firming up its own digital framework and laws, particularly regarding privacy and data and said that therefore India, while continuing to engage with the trade track in the IPEF, will wait for the final contours to be energe. In the meantime, officials will be participating in the discussions with an open mind and in the best interest of the people and businesses in India, he added.
The minister urged the community to gift Made in India products, to gift handlooms, handicrafts, khadi made by the artisans of India. Speaking of the interactions he had in the US with business persons and investors from the Indian community, the Minister said that they had shared their experiences and given a lot of suggestions which served as food for thought. Piyush Goyal expressed confidence that they would be stakeholders in India’s growth story with a sense of duty in giving back to their motherland. Members of the diaspora are generally very successful in their chosen profession. Each one of them have made a mark in the society and economy of the United States, he said.
Responding to a query, the minister said that certain responsibilities of the developed world should also be an integral part of any such agreement and that is a matter that will require deeper engagement.
Goyal also complimented all the member countries for the speed with which, from launch in May to first ministerial laying down the broad contours of future engagements have been drawn up in September.
The Minister also complimented the US and both the US Commerce Secretary Gina Raimondo and US Trade Representative Ambassador Katherine Tai for their unwavering commitment in making IPEF a success and for the inclusive nature of discussions.
“They have both been very supportive to India throughout the discussions and negotiations,” he said in the statement.
The Minister expressed confidence that together this group of 14 countries will define the rules of trade among countries which believe in fair play, transparency and rules-based trading in the future.
“Our trade and investment ties have strengthened with the signing of Economic Cooperation and Trade Agreement. Discussed ways to further boost bilateral trade & cooperation under the IPEF”, he tweeted.
The Minister interacted with Coordinating Minister of Economic Affairs of Indonesia, Airlangga Hartarto on the side-lines of the Ministerial meet. “Discussed expanding bilateral trade & investment under IPEF, giving further impetus to economic cooperation between India & Indonesia,” the Minister tweeted.
The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched jointly by the USA and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo.