The Indo-Pacific Economic Framework will help keep supply chains open in tough times

The Indo-Pacific Economic Framework (IPEF) will open opportunities for countries like India to work in partnership with other like-minded countries and ensure that supply chains remain open and businesses do not suffer, especially during difficult times Commerce and Industry Minister Piyush Goyal said this a day ahead of the two-day IPEF ministerial meeting beginning in Los Angeles from Thursday.

‘I see America and India getting closer to each other. I see that now in the context of the two quads, our relationship is getting stronger day by day. One with Japan, Australia and the other with Israel and the UAE. We have a two plus two ministerial dialogue which has become very strong and vibrant. ‘Our engagement in many areas is spanning many geopolitical areas, sensitive areas. We continue to grow this relationship and the leaders of the two countries, the businesses and people of both countries are closer than ever.

He said that IPEF will strengthen trade ties between the two countries.

The minister is visiting San Francisco and Los Angeles from September 5-10 to attend the India-US Strategic Partnership Forum Conference and the IPEF Ministerial Meeting, as well as meetings with leaders from top technology companies and startups and members of the Indian diaspora. are doing.

During the IPEF, Goyal will meet the US Commerce Secretary and the US Trade Representative, and will also hold bilateral meetings with officials from countries such as Japan and Australia. Asked whether the Free Trade Agreement (FTA) with Japan is under review, he said it is pending for a long time. “I will take up this issue with my Japanese counterpart,” he said.

An interim trade deal with Australia is also yet to be ratified by the Australian Parliament and has been delayed due to elections. Goyal said the new trade minister Don Farrell is likely to visit India later this month.

“We will meet and discuss, but they have already assured that we have met me in the WTO meetings that they are very happy with the outcome of the India-Australian talks and the free trade agreement, ECTA (Australia-India Economic Cooperation). Agreement) which we have finalized and they will put it through Parliament very soon. And I’m told the likely deadline is later this year. It will be approved through their Parliament,’ Goyal said.

Leave a Comment

Your email address will not be published. Required fields are marked *