Union Minister of Commerce and Industry, Consumer affairs, Food and Public distribution, and Textiles, Piyush Goyal on Thursday attended the inaugural Indo-Pacific Economic Framework (IPEF) held in Los Angeles, where India decided not to join the trade commitments, in the absence of broader consensus on trade-related issues. He said that on three out of four pillars related to supply chains – tax, anti-corruption, and clean energy – India was comfortable with the outcome and had joined the declaration.
But on one pillar, dealing primarily with trade, the minister said that the contours of the framework — particularly on commitments required on the environment, labor, digital trade, and public procurement — were still emerging, and India would wait for them to be finalized before formally associating with that track. Accordingly, while India was mentioned in three statements about supply chains, clean economy, and fair economy, there was no mention of India in the trade pillar.
We have to see what benefits member countries will derive and whether any conditionalities on aspects like environment may discriminate against developing countries who have the imperative to provide low-cost and affordable energy to meet the needs of our growing economy…Together this group of 14 countries of the IPEF will define the rules of trade among countries that believe in fair play, transparency, and rules-based trading in the future,”Sh. Piyush Goyal
He highlighted that India was currently firming up its digital framework and regulations, especially regarding privacy and data. Subsequently, India, while proceeding to engage with the track in the IPEF, would wail the last counters to emerge. Meanwhile, authorities would be partaking in the conversations “with an open mind and the best interest of the people and businesses in India,” the minister added.
Answering an inquiry, the minister said that specific obligations of the developed world ought to be a necessary piece of any such understanding and that is a matter that will require further engagement.
The wide range of various 13 Indo-Pacific Monetary Structure for flourishing nations has joined the four pillars — trade, supply chains, clean economy, and fair economy. A ministerial statement on three subjects — supply chains, clean economy, and fair economy — and a ministerial text on exchange support point was given after the finish of the gathering.
Goyal said productive conversations had been held throughout the IPEF Ministerial meeting to bring together a group of similar, rules-based, straightforward nations with a common interest in an open Indo-Pacific locale.
Aside from holding meetings with his counterparts from other countries during which he discussed ways to boost bilateral trade and investment, Goyal visited the Los Angeles Port, one of the busiest in the world.