Union Commerce and Industry Minister Piyush Goyal, who
is on a visit to United States met with Trade Representative Ambassador
Katherine Tai on the sidelines of the Indo-Pacific Economic Framework or IPEF
in San Francisco.
The two leaders held talks on the IPEF and trade
pillars. The bilateral meeting between Piyush Goyal and Katherine Tai lasted
for almost 30 minutes.
In May 2022, United States launched the Indo-Pacific
Economic Framework for Prosperity (IPEF) with Australia, Brunei Darussalam,
Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines,
Singapore, Thailand, and Vietnam.
Bharat joined the IPEF and Prime Minister Narendra
Modi attended the launch event along with US President Joe Biden, Japanese
Prime Minister Fumio Kishida, and other leaders from partner countries.
The IPEF seeks to strengthen economic engagement among
partner nations with the goal of advancing growth, peace and prosperity in the
region, the Ministry of Commerce and Industry said in a statement. 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).
Goyal, who is on a visit to the United States from
November 13 to 16, arrived in San Francisco Monday morning to attend the IPEF
ministerial meeting. During his visit, he will also attend the Asia-Pacific
Economic Cooperation (APEC) Summit in San Francisco.
Goyal is scheduled to hold a bilateral meeting with US
Commerce Secretary Gina Raimondo and representatives from various sectors and
industries, according to the Ministry of Commerce and Industry. These meetings
will focus on addressing trade barriers, promoting investments, and fostering
greater cooperation in areas such as technology and innovation.
One of the key focus of the visit will be the joint
event, co-chaired with US Commerce Secretary, Gina Raimondo on “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.”
Bharat and US are natural partners and have trade
complementarities, long-standing strategic and economic relationship, people to
people contact, and both are vibrant democracies too.
The two nations are also collaborating under other
frameworks such as QUAD and I2U2 (India-Israel/ UAE-US). Regular exchanges at
the leadership level have been an integral element of the expanding bilateral
engagement.
Piyush Goyal’s visit showcases the determination to
forge strong and mutually beneficial trade and investment relationships that
will not only benefit the economies of both Bharat and US but also contribute
to the overall prosperity and welfare of their respective citizens.
Goyal will also participate in the investors’
roundtable along with one-to-one meetings with CEOs. He will also interact with
various stakeholders such as students, entrepreneurs, venture capitalists and
the Indian diaspora.
He 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.
Just shortly upon arrival in 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
economic partnership between Bharat and Singapore.
Taking to X, Goyal stated, “Met HE Gan Kim Yong,
Minister of Trade & Industry, Singapore, and discussed ways to accelerate
cooperation across sectors to further deepen our economic partnership.”
ANI
