Piyush Goyal to visit US to attend Indo-Pacific Economic Framework meeting


Union Commerce and Industry Minister Piyush Goyal is scheduled to visit the United States of America from 5th to 10th September 2022 to attend the US-India Strategic Partnership Forum conference and Indo-Pacific Economic Framework ministerial meeting, as per an official statement released on Friday.

Goyal is scheduled to visit San Francisco and Los Angeles. The minister is also scheduled to interact with eminent business persons, US officials and industry leaders during the visit to fortify the partnership between the two nations and strengthen trade and economic ties.

India and the United States (US) enjoy a comprehensive global strategic partnership covering almost all areas of human endeavor, driven by shared democratic values, convergence of interests on a range of issues, and vibrant people-to-people contacts.

Regular exchanges at the leadership level have been an integral element of the expanding bilateral engagement. The outcomes emerging from these visits have been instrumental in further strengthening the multifaceted ties between the two countries.

The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched jointly by USA and other partner countries of the Indo-Pacific region on May 23, 2022 in Tokyo. India joined the IPEF and Prime Minister Narendra Modi attended the launch event along with US President Joe Biden, Japanese Prime Minister Kishida Fumio and other leaders from partner countries. Previously, virtual Ministerial Meetings were held immediately after the launch on May 23 and thereafter from July 26-27, 2022.

The IPEF seeks to strengthen economic engagement among partner countries with the goal of advancing growth, peace and prosperity in the region. 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). The meet would focus on strengthening economic cooperation and enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.

India is committed to a free, open and inclusive Indo-Pacific Region and would work towards deepening economic cooperation among partners for growth and prosperity of the region. The framework is inclusive and allows flexibility to partner countries to associate with pillars based on their respective priorities, the Ministry of Commerce and Industry said in a statement.

The Minister will also hold bilateral meetings with US Secretary of Commerce, USTR and Ministers from other IPEF partner countries on the sidelines of the IPEF Ministerial.

During the visit, the Minister would interact with the CEOs of multinationals, the Indian diaspora, startup community including venture capitalists and academia to propel existing trade and investment relations between Indian and US business communities. The visit would focus upon emphasizing the attractiveness of India as the most preferred investment destination with a number of government interventions such as Gati-shakti, Startup India, Investment Corridors, measures undertaken for ease of doing business and improving investment climate.

Goyal will hold discussions upon the need and potential for closer industrial collaborations and further expand partnerships and establish trade and investment linkages across priority areas. Curated interactions with the startup ecosystem and the Indian diaspora that would help in empowering and mentoring their growth and expansion are also on the agenda. The Minister will also launch Institute of Chartered Accounts of India’s (ICAI) representative offices in the USA.

Goyal is expected to interact with globally renowned technology, entrepreneurship, and academic communities in the Bay Area, specifically, in the Silicon Valley to undertake focused discussions with American companies looking to invest or expand in India across sectors – Electronics (including Semiconductor), Technology, FinTech etc.

The minister is scheduled to engage with the vibrant Startup community in San Francisco to explore greater partnerships with the Indian startup ecosystem, mobilize global capital for India’s domestic markets, and encourage mentorships by experienced global business leaders for Indian entrepreneurs, the ministry said.