Indo Pacific Economic Forum (IPEF) set to take wings, Piyush Goyal to attend first in-person meeting

Commerce and Industry Minister Piyush Goyal, who is currently in the US, will attend the first in-person ministerial meeting of the proposed Indo-Pacific Economic Forum (IPEF) at Los Angeles.

The 13 member IPEF that was kicked off at the QUAD summit in Tokyo this year, is an emphasis of the growing importance of regional blocs and their functioning amid geopolitical shifts.

Ahead of the IPEF Ministerial, Goyal, who handles several other key ministries, told media persons that discussions on the same will focus on opening up opportunities for the member nations to work in partnership with each other while ensuring that the supply chain network remains robust even during challenging times.

Terming IPEF as a new and unique initiative and a partnership between rules-based, like-minded countries which have transparent economic systems, Goyal said that IPEF would work to ensure that the Indo-Pacific Region would remain secure and open for business.

The minister also said that as economic activities and trading relations among the IPEF nations must expand. All the countries meeting tomorrow have a lot to offer each other in terms of trade, investments and technology and we will work together on all fronts, he said.

Also read: US includes India, Japan in new 13-nation Indo-Pacific economic group to counter China

Meanwhile, he pointed out that India’s goods and services exports has already crossed $675 billion in the last fiscal year despite challenges. Goyal said that India is now aiming to take international trade to $2 trillion by 2030.

“Building on our pool of young & skilled workforce, discussed how India in collaboration with Lam research, can provide a leading edge in semiconductor innovation,”, Goyal said in a tweet.

The Minister expressed confidence that India, “huge market, honest government and transparent economic policies, rule of law, vibrant media and judiciary” will continue to remain a preferred trading partner and investment destination to the world.

Apart from the four QUAD members—India, US, Australia and Japan, Brunei Darussalam, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand along with Vietnam are the other signatories to the IPEF framework.