Piyush Goyal Emphasizes India’s Role as Global Supply Chain Hub at Indo-Pacific Economic Framework Meet

Commerce and Industry Minister Piyush Goyal underscored India’s potential to serve as a crucial player in global supply chain diversification efforts during the 14-nation Indo-Pacific Economic Framework for Prosperity (IPEF) meeting held recently. This virtual ministerial gathering marked the first meeting of its kind for the year, with participation from high-profile figures including US Secretary of Commerce Gina Raimondo and Thai Foreign Minister Parnpree Bahiddha-Nukara, alongside ministers from 11 other IPEF countries.

In his address, Minister Goyal urged for the swift implementation of collaborative initiatives outlined across various pillars of the IPEF. Specifically, he emphasized India’s robust production capacities across critical sectors, offering significant opportunities for supply diversification among IPEF partners, underlining the importance of the Pillar-II Supply Chains Resilience Agreement, which came into effect on February 24, 2024.

Discussions during the virtual ministerial session revolved around the progress made since the conclusion of negotiations for proposed agreements under Pillars III and IV, focusing on the IPEF Clean Economy and Fair Economy Agreements. Partners commended the headway achieved since the substantial conclusion of negotiations in November 2023 and deliberated on forthcoming cooperative endeavors under these agreements, as outlined in an official statement released post-meeting.

Furthermore, the enactment of the IPEF Supply Chain Agreement on February 24, 2024, was met with approval among partners, with texts of the proposed Clean Economy, Fair Economy, and IPEF agreements being made publicly available. Minister Goyal also spotlighted the ‘Prime Minister Surya Ghar Muft Bijli Yojana’ project as not only aligning with clean economy objectives but also offering substantial socio-economic benefits. He extended invitations to investors from IPEF partners to engage and capitalize on the vast opportunities present in India’s clean economy domain.

Partnership discussions extended to delineating future steps to yield tangible outcomes under the Framework, including the launch of new Cooperative Work Programs (CWPs) within the Clean Economy pillar. Notably, plans for the inaugural IPEF Clean Economy Investor Forum in Singapore on June 5-6 and insights into the IPEF Catalytic Capital Fund were disclosed. The upcoming in-person ministerial meeting slated for June 6 in Singapore will delve into the Supply Chain, Clean Economy, Fair Economy, and IPEF agreements.

IPEF, inaugurated in May 2022, unites 14 regional partners in a novel economic cooperation model, comprising Australia, Brunei, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States, and Vietnam. Through collaborative efforts and strategic engagement, the Framework aims to bolster economic resilience and prosperity across the Indo-Pacific region.

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