Representing India at the Indo-Pacific Economic Framework (IPEF), Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said that fruitful discussions had been held over the course of the IPEF Ministerial meeting.
He also addressed the issue of India opting out of the fourth pillar of IPEF that deals with trade-related activities and said that the contours of the framework – particularly on commitments required on the environment, labor, digital trade, and public procurement — are still emerging.
He added that We have to see what benefits member countries will derive and whether any conditionalities on aspects like the 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, the Minister said.
Meanwhile, Goyal also said that on three out of four pillars related to supply chains, tax and anti-corruption and clean energy, India was comfortable with the outcome and text and have joined the declaration.
Commenting about data privacy and digital ecosystem, he said that India is in the process of firming up our own digital framework and laws, particularly regarding privacy and data and therefore India, while continuing to engage with the trade track in the IPEF, will wait for the final contours to emerge.
Goyal also met Australian Trade Minister Don Farrell on the side-lines of the IPEF meet in Los Angeles yesterday.
“Our trade and investment ties have strengthened with the signing of the Economic Cooperation and Trade Agreement. Discussed ways to further boost bilateral trade & cooperation under the IPEF”, he tweeted.
The Minister interacted with Coordinating Minister of Economic Affairs of Indonesia, Airlangga Hartarto on the side-lines of the Ministerial meet.
“Discussed expanding bilateral trade & investment under IPEF, giving further impetus to economic cooperation between India & Indonesia”, the Minister tweeted.