20-Dec-2022: Shri Piyush Goyal participates in virtual Ministerial Meeting on Economic Benefits for the Indo-Pacific Economic Framework for Prosperity (IPEF)

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal along with U.S. Secretary of Commerce Gina Raimondo and other IPEF partner countries, participated in virtual Ministerial Meeting on Economic Benefits for the Indo-Pacific Economic Framework for Prosperity (IPEF).

Shri Goyal complimented partner countries for taking the initiative in right earnest. He expressed his belief that IPEF will promote inclusive development through enhancement of trade and investment in the region.

Minister Goyal extended invitation to all partners countries for the next special negotiation round for Pillars 2-4 of IPEF to be hosted by India on 8-11 February, 2023.

He urged members to focus energy on early harvest of deliverables which can benefit all the members. He was happy to note that there seemed to be a consensus among members on setting up of an investment forum consisting of private and public sector stakeholders to encourage investment in clean energy sector, during recent round at Brisbane, Australia.

The Minister shared his views on some of the common tangible benefits like capacity building; technical assistance, including sharing of expertise and best practices; investments, innovative projects, etc, expected out of this initiative.

Shri Goyal also shared with IPEF partners some of India’s specific expectations under IPEF. He said that India can contribute towards supply chain resilience in sectors like pharmaceuticals and invited support from members in semiconductors, critical minerals and clean technologies including on innovative projects which can be promoted beyond IPEF in other developing countries. He further talked about the non-paper submitted by India on some of the ideas like mobilization of financial resources for climate action at reasonable costs. He also drew attention of partner countries on need for measures to counter terror financing.

Further, the Minister expressed his full support to the negotiations schedule agreed at the Brisbane meeting held recently.

Secretary Raimondo welcomed India's offer to host the special negotiation round for Pillars 2-4 of IPEF and assured that the US IPEF team would work closely with India in this regard.

9-Sep-2022: Shri Piyush Goyal takes part in the first in-person Ministerial meeting of the Indo-Pacific Economic Forum in Los Angeles

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today attended the first in-person Ministerial meeting of the India-Pacific Economic Forum (IPEF) in Los Angeles. Interacting with media on the side-lines of the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting, the Minister assured that India will take decisions on different aspects of the frameworks of IPEF based on our national interest.

Shri Goyal said that there have been very useful engagements with the 14 members of the IPEF and added that the officials from member nations had worked very hard to prepare ground for such fruitful interactions. He expressed hope that in a day’s time, IPEF would finalize a framework within which member nations could interact on different areas of mutual interest.

Ahead of the Ministerial meeting of the Indo Pacific Economic Framework for Prosperity, Shri Goyal had met Australian Trade Minister H.E. Don Farrell in Los Angeles.

Shri Goyal also held a meeting with US Commerce Secretary Gina Raimondo on the side-lines of IPEF Ministerial meeting in Los Angeles.

The Minister met US Trade Representative Ambassador Katherine Tai at the side-lines of the IPEF Ministerial in Los Angeles.

Speaking of the meetings with his US counterparts in the media interaction, the Minister said that the meeting with his counterparts in the US was very cordial and added that they were excited about the good work happening between US and India. They are extremely favourable towards expanding our trade and investment including in high-tech areas and wishing to further the resilient supply chains between the two nations, he said.

Shri Goyal also met the Japanese Minister for Economy, Trade and Industry, Yasutoshi Nishimura, on the side-lines of the Ministerial.

Shri Goyal also met Vietnam's minister of Industry & Trade Nguyen Hong Dien on sidelines of Indo-Pacific Economic Framework for Prosperity discussed greater cooperation across areas of mutual interest.

Elaborating further on the discussions held with the US, Shri Goyal said that both nations believed that we need to have self-reliance as a core philosophy and have resilient supply chains between trusted partners who believe in transparent economies and rules-based trading systems. He added that US was very keen to work with India so that our dependence on other countries, particularly those nations where we have faced severe problems in the last two to three years can be reduced. 

Responding to a query on market access issues, Shri Goyal said that an India-US Trade Policy Forum would soon be held during which we would come up with more deliverables and newer areas of engagements.

Taking a question on digital economy, the Minister said that he had informed his counterparts in the US that India was looking to have very contemporary and modern laws in the digital space while maintaining high levels of data privacy, particularly of our citizens’ personal data. In that spirit, India is working on a more robust framework to be presented to the Parliament soon and this has been much welcomed by the US and businesses in India. India is a big provider of technology services and we have a shared interest to have a very good understanding on the laws because we have a great interest in services export also, he added.

Shri Goyal said that in this day and age of work from home, new opportunities have opened up for our youngsters, especially the young people in tier 2 and 3 cities and remote areas to provide cost-effective solutions to US companies and it has been received with a great deal of excitement by US businesses.

Referring to the series of meeting he had with US companies in India, Davos, during the WTO meeting and in the Bay area, Shri Goyal said that these interactions gave him a sense of encouragement that US Companies are looking to expand hiring in India and to expand their research and development, technology support systems and back offices. Numbers they are indicating in terms of their hiring plans are truly staggering, he added.

Responding to a query on the upskilling initiative he launched in San Francisco, SETU, the Minister said that India would be its beneficiaries too with our youngsters, especially girls, who have tremendous potential standing to gain from the training and upskilling being offered by the reputed firms who are part of the initiative. India has also extended its support to the initiative as we have some outstanding ed-tech companies and skilling initiatives in India to provide cost effective solutions. It was welcomed by the US, the Minister said.

2-Sep-2022: Shri Piyush Goyal to visit San Francisco and Los Angeles from 5-10 September to attend the first ever in-person Ministerial meeting of the Indo-Pacific Economic Framework (IPEF)

The Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal will visit San Francisco and Los Angeles in the United States of America from 5th to 10th September 2022 to attend the India-US Strategic Partnership Forum conference and Indo-Pacific Economic Framework (IPEF) Ministerial meeting. He will also interact with eminent business persons, US officials  and industry leaders during the visit to fortify the partnership between the two nations and strengthen trade and economic ties.

India and the United States (US) enjoy a comprehensive global strategic partnership covering almost all areas of human endeavor, driven by shared democratic values, convergence of interests on a range of issues, and vibrant people-to-people contacts. 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 Indo-Pacific Economic Framework for Prosperity (IPEF) was launched jointly by USA and other partner countries of the Indo-Pacific region on May 23, 2022 at Tokyo. India joined the IPEF and Prime Minister Shri Narendra Modi attended the launch event along with US President Joe Biden, Japanese Prime Minister Kishida Fumio and other leaders from partner countries. Previously, virtual Ministerial Meetings were held immediately after the launch on May 23 and thereafter from July 26-27, 2022.

The IPEF seeks to strengthen economic engagement among partner countries with the goal of advancing growth, peace and prosperity in the region. The framework is structured around four pillars relating to Trade (Pillar I); Supply Chains (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV).  The meet would focus on strengthening economic cooperation and enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.

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. The framework is inclusive and allows flexibility to partner countries to associate with pillars based on their respective priorities.

The Minister will also hold bilateral meetings with US Secretary of Commerce, USTR and Ministers from other IPEF partner countries on the sidelines of the IPEF Ministerial.

During the visit, the Minister would interact with the CEOs of multinationals, Indian diaspora, startup community including venture capitalists and academia to propel existing trade and investment relations between Indian and US business communities. 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.

Shri Goyal will hold discussions upon the need and potential for closer industrial collaborations and further expand partnerships and establish trade and investment linkages across priority areas. Curated interactions with the startup ecosystem and the Indian diaspora that would help in empowering and mentoring their growth and expansion are also on the agenda. The Minister will also launch Institute of Chartered Accounts of India’s (ICAI) representative offices in USA

Shri Goyal is expected to interact with globally renowned technology, entrepreneurship, and academic communities in the Bay Area, specifically, in the Silicon Valley to undertake focused discussions with American companies looking to invest or expand in India across sectors - Electronics (including Semiconductor), Technology, FinTech etc.

The Minister is to engage with the vibrant Startup community in San Francisco to explore greater partnerships with the Indian startup ecosystem, mobilize global capital for India’s domestic markets, and encourage mentorships by experienced global business leaders for Indian entrepreneurs.

24-May-2022: Statement on Indo-Pacific Economic Framework for Prosperity

We, the India, Australia, Brunei Darussalam, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam of the Indo-Pacific region, acknowledge the richness and the diversity of our vibrant regional economy. We share a commitment to a free, open, fair, inclusive, interconnected, resilient, secure, and prosperous Indo-Pacific region that has the potential to achieve sustainable and inclusive economic growth. We acknowledge our economic policy interests in the region are intertwined, and deepening economic engagement among partners is crucial for continued growth, peace, and prosperity.

We recognize the COVID-19 pandemic has underscored the imperative of working closely together to ensure that economic recovery and advancement are grounded in resilience, sustainability, and inclusivity. The pandemic has also emphasized the importance of strengthening economic competitiveness and cooperation and securing critical supply chains, while stimulating job growth and improving economic opportunities, including for our workers, women, medium- and small-enterprises, and our societies’ most vulnerable groups.

In the long term, economic competitiveness will be largely defined by our ability to harness technology, promote innovation, participate in the digital economy, justly transition energy systems and achieve energy security, and tackle the climate crisis in a manner that produces equitable, inclusive growth and improves socio-economic welfare.

In order to prepare our economies for the future, we are launching the process to establish the Indo-Pacific Economic Framework for Prosperity.

This framework is intended to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for our economies. Through this initiative, we aim to contribute to cooperation, stability, prosperity, development, and peace within the region.

We invite participation from additional Indo-Pacific partners that share our goals, interests, and ambitions for the region. We are committed to collaborating with our framework partners in a manner that acknowledges the importance of technical assistance and capacity building, allows us to maintain a flexible approach, and delivers tangible benefits for our peoples.

Today, we launch collective discussions toward future negotiations on the following pillars. Framework partners will be engaging in such discussions on various ways to strengthen economic cooperation to achieve these goals, and we invite other interested Indo-Pacific partners to join us.

Trade: We seek to build high-standard, inclusive, free, and fair trade commitments and develop new and creative approaches in trade and technology policy that advance a broad set of objectives that fuels economic activity and investment, promotes sustainable and inclusive economic growth, and benefits workers and consumers. Our efforts include, but are not limited to, cooperation in the digital economy.

Supply Chains: We are committed to improving transparency, diversity, security, and sustainability in our supply chains to make them more resilient and well-integrated. We seek to coordinate crisis response measures; expand cooperation to better prepare for and mitigate the effects of disruptions to better ensure business continuity; improve logistical efficiency and support; and ensure access to key raw and processed materials, semiconductors, critical minerals, and clean energy technology.

Clean Energy, Decarbonization, and Infrastructure: In line with our Paris Agreement goals and efforts to support the livelihood of our peoples and workers, we plan to accelerate the development and deployment of clean energy technologies to decarbonize our economies and build resilience to climate impacts. This involves deepening cooperation on technologies, on mobilizing finance, including concessional finance, and on seeking ways to improve competitiveness and enhance connectivity by supporting the development of sustainable and durable infrastructure and by providing technical assistance.

Tax and Anti-Corruption: We are committed to promoting fair competition by enacting and enforcing effective and robust tax, anti-money laundering, and anti-bribery regimes in line with existing multilateral obligations, standards, and agreements to curb tax evasion and corruption in the Indo-Pacific region. This involves sharing expertise and seeking ways to support capacity building necessary to advance accountable and transparent systems.

We are continuing to identify additional areas of cooperation based on consultations among partners to further our shared interests, with a view to advancing regional economic connectivity and integration. We look forward to jointly creating conducive environments to boost flows of commerce, trade, and investments amongst our economies, and to enhancing standards and access to opportunities for our workers, companies, and peoples in our combined markets.

23-May-2022: Prime Minister participates in event to launch the Indo-Pacific Economic Framework for Prosperity

Prime Minister Shri Narendra Modi participated in an event in Tokyo today to launch the Indo-Pacific Economic Framework for Prosperity (IPEF). The event saw the presence of President of the USA H.E. Mr. Joseph R. Biden and Prime Minister of Japan H.E. Mr. Kishida Fumio, as well as the virtual presence of leaders of other partners countries viz. Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.

A Joint Statement was issued on the occasion, which highlights the key elements envisaged within the IPEF.

The IPEF seeks to strengthen economic partnership amongst participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.

In his comments during the launch ceremony, Prime Minister said that announcement of IPEF is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth. India has historically been at the centre of trade flows in the Indo-Pacific region, having the world’s oldest commercial port in Lothal, Gujarat. Prime Minister called for finding common and creative solutions to tackle economic challenges of the Indo-Pacific region.

He expressed India’s commitment towards working with all Indo-Pacific countries for an IPEF which is both inclusive and flexible. He underlined that the foundation of resilient supply chains must be 3T’s – Trust, Transparency and Timeliness.

India is committed to a free, open, and inclusive Indo-Pacific region and believes that deepening economic engagement among partners is crucial for continued growth, peace, and prosperity. India is keen to collaborate with partner countries under the IPEF and work towards advancing regional economic connectivity, integration and boosting trade and investment within the region.

With today's launch, partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals.