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Business News/ News / India/  India to decide on different aspects IPEF framework based on national interest
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India to decide on different aspects IPEF framework based on national interest

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

Union minister Piyush Goyal (File Photo: Hindustan Times)Premium
Union minister Piyush Goyal (File Photo: Hindustan Times)

New Delhi: Union minister for commerce and industry Piyush Goyal on Friday said that a robust Indo-Pacific Economic Framework for Prosperity (IPEF) is being proposed to be introduced soon in Parliament, and India will take its decisions on its different aspects based on national interest.

Goyal said there have been useful engagements with the 14 members of the IPEF and added that the officials from member nations had worked very hard to prepare ground for such fruitful interactions.

He expressed hope that in a day’s time, IPEF would finalise a framework within which member nations could interact on different areas of mutual interest.

The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched jointly by the US and other partner countries of the Indo-Pacific region on 23 May 2022. Prime minister Narendra Modi along with Japanese prime minister Kishida Fumio and leaders from other partner countries had attended the launch event.

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

The minister said, “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."

“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."

“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," India’s commerce ministry said in a statement.

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

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Published: 09 Sep 2022, 12:41 PM IST
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