Union Minister Piyush Goyal, overseeing the portfolios of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, actively participated in the third in-person meeting of the Indo-Pacific Economic Framework (IPEF) Ministers on November 14, 2023.
Notably, during this meeting, the Minister, alongside counterparts from other IPEF partner nations, inked the groundbreaking IPEF Supply Chain Resilience Agreement. This unique agreement is anticipated to bolster the resilience, strength, and seamless integration of IPEF supply chains, ultimately contributing to the overall economic development and progress of the region.
In his address at the event, Minister Goyal underscored the importance of intensified collaboration to achieve the collective goals of the IPEF, placing particular emphasis on the mobilization of affordable financing for transitioning towards a clean economy and enhancing technology cooperation. He urged the prompt implementation of collaborative initiatives outlined in the IPEF, including India’s proposal for a bio-fuels alliance.
Furthermore, Minister Goyal and his counterparts engaged in productive discussions during the ministerial meeting, focusing on the significant advancements made by IPEF partners in Pillar-III (Clean Economy) and Pillar-IV (Fair Economy). The Minister advocated for increased collaboration among IPEF partners.
In parallel, Minister Goyal conducted bilateral meetings on the sidelines of the IPEF Ministerial with dignitaries such as U.S. Secretary of Commerce Gina Raimondo, Malaysia’s Minister of International Trade & Industry Tengku Zafrul Aziz, and Indonesia’s Coordinating Minister for Economic Affairs Dr. (HC) IR. Airlangga Hartarto. These meetings covered various aspects of bilateral collaboration, including trade, commerce, investment, business engagements, WTO matters, and other mutually beneficial issues. Minister Goyal also urged the prompt conclusion of the AITIGA review in discussions with counterparts from ASEAN countries.
As a significant highlight, Minister Goyal co-chaired an industry roundtable with U.S. Secretary of Commerce Raimondo, titled “Decoding the ‘Innovation Handshake’: U.S. – India Entrepreneurship Partnership.” This roundtable, co-hosted by the U.S.-India Business Council (USIBC) and the Confederation of Indian Industry (CII), and supported by the National Association of Software and Service Companies (NASSCOM) and Startup India, featured CEOs from major ICT companies, executives from venture capital firms, and founders of startups in critical and emerging technology sectors.
The Minister interacted with Indian entrepreneurs in the Western United States. Organised by the Consulate General of India in San Francisco in collaboration with IIT Alumni & TIE Global, the interaction highlighted the immense potential in India and the pivotal role that Indian diaspora, especially entrepreneurs, could play in accelerating India’s economic growth and development. Minister Goyal encouraged them to support the Prime Minister’s call for “vocal for local” and transforming local success into global impact.
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