Piyush Goyal meets Trade Ministers of IPEF partner countries on sidelines of ministerial summit in Los Angeles

Sep 10, 2022

Union Minister for Commerce and Industry Piyush Goyal on Saturday met with the Australian Trade Minister Don Farrell on the sidelines of the Indo-Pacific Economic Framework (IPEF) ministerial summit in Los Angeles.

The two leaders discussed further ways to strengthen bilateral trade and cooperation under the IPEF.

"Met Australian Trade Minister Don Farrell on the sidelines of IPEF meet in Los Angeles. Our trade & investment ties have strengthened with the signing of the Economic Cooperation and Trade Agreement. Discussed ways to further boost bilateral trade & cooperation under the IPEF," Goyal tweeted.

Union Minister also met with the Coordinating Minister of Economic Affairs of Indonesia Airlangga Hartarto and held talks to bolster the economic ties.

"Met with the Coordinating Minister of Economic Affairs of Indonesia, Airlangga Hartarto on the sidelines of the IPEF ministerial meet. Discussed expanding bilateral trade & investment under IPEF, giving further impetus to economic cooperation between India & Indonesia," Goyal wrote in another tweet.

Earlier, in the day, Goyal met Vietnam's Minister of Industry and Trade, Nguyen Hong Dien to discuss greater cooperation across areas of mutual interest.

He said that India and Vietnam aim to expand bilateral trade and generate jobs.

Union Minister Piyush Goyal is on a six-day visit to San Francisco and Los Angeles to attend the first in-person Indo-Pacific Economic Framework (IPEF) ministerial meeting.

During the meeting on Friday, Goyal said that a robust Indo-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 national interest.

Goyal said that India is a big provider 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 framework, "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 national interest."

"We had a useful engagement among member countries of the Indo-Pacific Economic Framework for Prosperity. Officials have worked to prepare the ground for useful interactions between Ministers. By tomorrow we hope to create a robust framework," Goyal said.

Goyal met US Trade Representative Katherine Tai ahead of the meeting on Thursday.

"I've also had the opportunity to have bilateral discussions with USTR Ambassador Tai and US Commerce Secretary Gina Raimondo. Both were very excited about the good work happening between India and US," Goyal said.

"They were extremely favourable to expanding ties in trade and investments including hi-tech areas. They were also wishing to further resilient supply chains between India and US," he added.

The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched jointly by the 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.

India is committed to a free, open and inclusive Indo-Pacific Region and would work towards deepening economic cooperation among partners for the 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.