Home / Economy / Piyush Goyal says Indo-Pacific Economic Framework to be presented in Parliament soon

Piyush Goyal says Indo-Pacific Economic Framework to be presented in Parliament soon

Piyush Goyal is on a six-day visit to San Francisco and Los Angeles to attend the Indo-Pacific Economic Framework (IPEF) ministerial meeting (PTI)Premium
Piyush Goyal is on a six-day visit to San Francisco and Los Angeles to attend the Indo-Pacific Economic Framework (IPEF) ministerial meeting (PTI)

Union Commerce Minister Piyush Goyal says a robust Indo-Pacific Economic Framework for Prosperity (IPEF) is being proposed to be presented soon in Parliament, adding that India will take its decisions based on the national interest.

Union Commerce Minister Piyush Goya on Friday said that a robust Indo-Pacific Economic Framework for Prosperity (IPEF) is being proposed to be presented in Parliament soon and India will take its decisions on different aspects based on national interest.

Talking about the framework, he says, 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.", the minister said, as quoted by news agency ANI

"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,"

"India is looking to have contemporary and modern laws in the digital world while maintaining high levels of data privacy," 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. Prime Minister Narendra Modi along with Japanese Prime Minister Kishida Fumio and leaders from other partner countries attended the launch event.

Goyal is on a six-day visit to San Francisco and Los Angeles to attend the Indo-Pacific Economic Framework (IPEF) ministerial meeting. While in the US, he met with US Trade Representative Katherine Tai ahead of the ministerial meeting.

He informed, "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,"

Talking about the meetings, Goyal says "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,"

The minister also took to Twitter to inform about his interaction with Katherine Tai, he wrote, "Delighted to meet USTR @AmbassadorTai, in Los Angeles. India recommits to its efforts for a free, open & inclusive Indo-Pacific as we head into the ministerial meeting of the Indo-Pacific Economic Framework for Prosperity"

The Ministry Ministry of Commerce and Industry in a statement said "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"

IPEF is a multilateral framework with 13 member countries. It held its previous meetings virtually first on May 23 and then on July 26.

With inputs from ANI

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