Page 38 - The Indian EYE 090922

BUSINESS EYE SEPTEMBER 09, 2022 | The Indian Eye 38

Free and Open: India to decide on Indo-Pacific

Economic Framework based on national interest

Union Minister Piyush Goyal visit San Francisco and Los Angeles to attend the first

IPEF ministerial meeting; meets US Trade Representative Katherine Tai

OUR BUREAU

San Francisco/New Delhi
nion Minister for Commerce
and Industry Piyush Goyal on
UFriday said that a robust In-
do-Pacific Economic Framework for
Prosperity (IPEF) is being proposed
to be presented soon in Parliament,
and India will take its decisions on
different aspects based on the nation-
al interest.
Goyal said that India is a big pro-
vider of technology services to US
companies and a robust framework
is being proposed to be presented to
Parliament soon. “India is looking to
have contemporary and modern laws
in the digital world while maintaining
high levels of data privacy,” he added.
He said that within the frame-
work, “we can begin engaging among
member countries on different areas
of mutual interest. India will take its
decisions on different aspects of the
IPEF framework based on our na-
tional interest.” Union Minister of Commerce and Industry Piyush Goyal and India’s ambassador to US at the India-US Strategic Partnership Forum in San
“We had a useful engagement
among member countries of the In- Francisco on Tuesday (ANI Photo/Piyush Goyal Twitter)
do-Pacific Economic Framework for
Prosperity. Officials have worked do-Pacific Economic Framework for values including combating climatic a multilateral economic framework.
to prepare the ground for useful in- Prosperity (IPEF) presented an op- change, protecting labor rights and In recent times, India is seen as focus-
teractions between ministers. By to- portunity to deepen the partnerships building resilient supply chains and ing on bilateral free trade agreements
morrow we hope to create a robust with member countries and will also we have made a lot of progress. instead of multilateral ones.
framework,” Goyal said. address the challenges collectively. “We are here in person to con- The focus is on creating a resilient
Union Minister Piyush Goyal She said that the IPEF also al- tinue our momentum to fill in the supply chain that can protect business-
is on a six-day visit to San Francisco lows working together to build a details of our shared vision on issues es - and jobs - in the future by avoiding
and Los Angeles to attend the first platform to address future challenges like digital economy, labor, environ- over-reliance on one country (read
Indo-Pacific Economic Framework and bring sustainable and equitable ment and agriculture and trade facili- China) through clean and green prac-
(IPEF) ministerial meeting. Goyal growth to the Indo-Pacific region. tation,” she added. tices in the IPEF member countries.
met US Trade Representative Kath- “While we all are dealing with The Indo-Pacific Economic US secretary of commerce Gina
erine Tai ahead of the meeting. “I’ve economic challenges, the IPEF and Framework for Prosperity (IPEF) Raimondo said, “It is time for the
also had the opportunity to have bi- our meeting over course of the next was launched jointly by the USA US to have an affirmative economic
lateral discussions with USTR Am- two days present us with an opportu- and other partner countries of the vision for the region. The 14 mem-
bassador Tai and US Commerce Sec- nity to deepen our partnerships and Indo-Pacific region on May 23, 2022, ber countries represent 40% of the
retary Gina Raimondo. Both were work collectively to address these in Tokyo. India is committed to a free, world’s GDP and include some of
very excited about the good work challenges,” Ambassador Tai said open and inclusive Indo-Pacific Re- the fastest growing economies in the
happening between India and US,” ahead of the discussions. She further gion and would work towards deep- world. We have to address challeng-
Goyal said. said, “The IPEF also allows us to ening economic cooperation among es related to supply chain, climate
“They were extremely favorable work together to build a platform to partners for the growth and prosper- change and create a roadmap for co-
to expanding ties in trade and invest- address future challenges and bring ity of the region. The framework is operation. We have to move quickly
ments including hi-tech areas. They sustainable and equitable growth to inclusive and allows flexibility to part- to save small businesses and jobs
were also wishing to further resilient the Indo-Pacific region.” ner countries to associate with pillars through resilient supply chains, clean
supply chains between India and US,” Ambassador Tai recalled the IP- based on their respective priorities, energy tech and fair economies by
he added. EF’s initial time, when it was launched the Ministry of Commerce and In- eliminating corruption. We have to
US Trade Representative Kath- in May, and said that the framework dustry said in a statement. create jobs in our countries. There is
erine Tai on Thursday said that In- was based on shared priorities and IPEF, a group of 13 countries, is no limit what we can do together.”

www.TheIndianEYE.com