Indo-Pacific Economic Framework (IPEF) for Prosperity ministerial meet was inclusive and fruitful: Shri Piyush Goyal
Together, this group of 14 countries of the IPEF will define the rules of trade among countries which believe in fair play, transparency, and rules-based trading in the future: Shri Goyal
Minister meets with his counterparts from Australia and Indonesia; discusses ways to boost bilateral trade and investment
By PIB Delhi
Union Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution and Textiles, Shri Piyush Goyal 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.
Highlighting that India had engaged very exhaustively in all the various streams of discussion, Shri 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 have joined the declaration.
On one pillar, which deals primarily with trade, the Minister said, the contours of the framework – particularly on commitments required on the 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 the 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 said.
Shri 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 emerge. 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.
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.
Shri Goyal also complimented all the member countries for the speed with which, from launch in May 2022 to the 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 to making IPEF a success and for the inclusive nature of discussions that we have had. They have both been very supportive to India throughout the discussions and negotiations; he said.
The Minister expressed confidence that together, this group of 14 countries will define the rules of trade of countries that believe in fair play, transparency, and rules-based trading in the future.
Shri Goyal also met Australian Trade Minister Don Farrell on the sidelines of the IPEF meet in Los Angeles today.
“Our trade and investment ties have strengthened with the signing of the Economic Cooperation and Trade Agreement. Discussed ways to further boost bilateral trade & cooperation under the IPEF,” he tweeted.
The Minister interacted with the Coordinating Minister of Economic Affairs of Indonesia, Airlangga Hartarto, on the sidelines of the Ministerial meeting.
“Discussed expanding bilateral trade & investment under IPEF, giving further impetus to economic cooperation between India & Indonesia,” the Minister tweeted.
Shri 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.