Union Minister for Commerce and Industry, Piyush Goyal, who is currently on a visit to the United States, held a meeting with US Trade Representative Ambassador Katherine Tai on Monday, during the Indo-Pacific Economic Framework (IPEF) in San Francisco. The discussions, lasting nearly 30 minutes, centered around the IPEF and trade-related matters.
The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched by the United States in May 2022, involving countries like Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam. The framework aims to enhance economic collaboration among partner nations to promote growth, peace, and prosperity in the region, focusing on four pillars: Trade, Supply Chains, Clean Economy, and Fair Economy.
Minister Goyal’s visit, scheduled from November 13 to 16, includes participation in the IPEF ministerial meeting and the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco. During his stay, he will engage in bilateral meetings with US Commerce Secretary Gina Raimondo and representatives from various sectors, concentrating on addressing trade barriers, encouraging investments, and fostering cooperation in technology and innovation.
A key aspect of the visit is the joint event co-chaired with US Commerce Secretary Gina Raimondo, titled the “India-USA Innovation Handshake Initiative,” aimed at connecting the two countries’ startup ecosystems, addressing regulatory hurdles, and promoting innovation and job growth.
The visit emphasizes the natural partnership between India and the US, highlighting trade complementarities, a longstanding strategic and economic relationship, and collaborations in frameworks like QUAD and 12U2. Minister Goyal’s engagements include an investors’ roundtable, one-to-one meetings with CEOs, and interactions with various stakeholders such as students, entrepreneurs, venture capitalists, and the Indian diaspora.
Goyal is expected to engage with technology, entrepreneurship, and academic communities in Silicon Valley, discussing investment opportunities and expansion possibilities in India for American companies, particularly in sectors like Electronics, Technology, and FinTech.
Upon his arrival in the US, Goyal also met with Singapore’s Minister for Trade and Industry, Gan Kim Yong, to explore ways to enhance cooperation and deepen the economic partnership between India and Singapore.
(Inputs from ANI)