Piyush Goyal attends ministerial meeting on economic benefits for IPEF


The Indo-Pacific Economic Framework for Prosperity (IPEF) partner countries held a virtual meeting to discuss economic benefits on Tuesday. India will host the next special negotiation round for Pillars II-IV of IPEF.

Minister of Commerce and Industry, and Textiles, Piyush Goyal along with the US Secretary of Commerce Gina Raimondo and other IPEF partner countries, participated in the virtual Ministerial Meeting. The meeting that was hosted by Raimondo discussed economic benefits for the IPEF.

With 14 IPEF partners representing 40 percent of global GDP, the IPEF seeks to fuel economic prosperity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region. US trade with the Indo-Pacific supports more than three million American jobs and is the source of nearly $900 billion in foreign direct investment in the United States. With 60 percent of the world’s population, the Indo‑Pacific is projected to be the largest contributor to global growth over the next 30 years.

At the virtual meeting, Goyal spoke about the non-paper submitted by India on some of the ideas like the mobilization of financial resources for climate action at reasonable costs, and also drew the attention of partner countries to the need for measures to counter terror financing.

Goyal expressed his belief that IPEF will promote inclusive development through the enhancement of trade and investment in the region. He also invited all partner countries for the next special negotiation round for Pillars 2-4 of IPEF that will be hosted by India on 8-11 February 2023.

Raimondo welcomed the Government of India’s confirmation that it will host a special IPEF negotiating round in February for the IPEF Pillars covering supply chains, clean economy, and fair economy (Pillars II-IV).

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

In Australia, the IPEF ministers discussed the economic benefits of IPEF membership and reaffirmed their collective commitment to pursue an inclusive high-standard economic agreement that will enhance the economic competitiveness of all of the IPEF partners’ economies. In addition, the ministers underscored their shared commitment to continuing the momentum since the launch of IPEF in May and making progress as quickly as possible.

Goyal 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. He also highlighted 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 innovative projects which can be promoted beyond IPEF in other developing countries.


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