Washington, D.C.: Union Minister Piyush Goyal actively participated in the third in-person Ministerial meeting of the Indo-Pacific Economic Framework (IPEF) on November 14, 2023.
During this Ministerial meeting, Minister Goyal signed the groundbreaking IPEF Pillar-II Agreement, focusing on Supply Chain Resilience. The agreement, a first of its kind, aims to fortify IPEF supply chains, fostering resilience, robustness, and integration to bolster economic development in the region.
Speaking at the event, Minister Goyal emphasized the need for enhanced collaboration to achieve the collective goals of the IPEF, with a specific focus on mobilizing affordable financing for a transition to a clean economy and enhancing technology cooperation. He also urged the early implementation of cooperative work under the IPEF, including the establishment of a bio-fuels alliance proposed by India.
Additionally, discussions at the Ministerial meeting centered on the substantial progress made by IPEF partners in Pillar-III (Clean Economy) and Pillar-IV (Fair Economy). Minister Goyal advocated for increased collaboration among IPEF partners.
On the sidelines of the Ministerial, Minister Goyal held bilateral meetings with notable dignitaries, including Her Excellency Ms. Gina Raimondo, United States Secretary of Commerce, His Excellency Mr. Tengku Zafrul Aziz, Minister of International Trade & Industry, Malaysia, and His Excellency Dr. (HC) IR. Airlangga Hartarto, Coordinating Minister for Economic Affairs, Republic of Indonesia.
Discussions during these meetings covered various aspects of bilateral collaboration, trade, commerce, investment, WTO matters, and other mutual interests. During interactions with counterparts from ASEAN countries, Minister Goyal proposed the expedited conclusion of the AITIGA review.
Minister Goyal and U.S. Secretary of Commerce co-chaired the industry roundtable, “Decoding the “Innovation Handshake”: U.S. – India Entrepreneurship Partnership.” The event, co-hosted by the U.S.-India Business Council (USIBC) and the Confederation of Indian Industry (CII), explored partnerships in the critical and emerging technology space.
Concluding the day, Minister Goyal engaged with Indian entrepreneurs in the Western United States. Organized by the Consulate General of India in San Francisco in collaboration with IIT Alumni & TIE Global, the interaction highlighted India’s potential and encouraged entrepreneurs to support the call for “vocal for local” and transforming local initiatives into global successes.