On Monday (local time), Union Minister for Commerce and Industry, Piyush Goyal, currently on a visit to the United States, convened with US Trade Representative Ambassador Katherine Tai in San Francisco. The meeting, held on the sidelines of the Indo-Pacific Economic Framework (IPEF), delved into discussions on IPEF and trade-related matters, extending for approximately 30 minutes.
In May 2022, the United States initiated the Indo-Pacific Economic Framework for Prosperity (IPEF), with India being one of the participating nations. Prime Minister Narendra Modi, alongside US President Joe Biden and leaders from other partner countries, attended the launch event. The IPEF aims to enhance economic ties among partner nations, fostering growth, peace, and prosperity in the region. It is structured around four pillars focusing on Trade, Supply Chains, Clean Economy, and Fair Economy.
During his visit to the US from November 13 to 16, Minister Goyal is also scheduled to participate in the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco. Additionally, he plans to hold a bilateral meeting with US Commerce Secretary Gina Raimondo and engage with representatives from various sectors and industries to address trade barriers, promote investments, and enhance cooperation in areas like technology and innovation.
A key highlight of the visit is the joint event, co-chaired with US Commerce Secretary Gina Raimondo, centered on the “India-USA Innovation Handshake Initiative.” This initiative aims to bolster collaboration between the dynamic startup ecosystems of both countries, address regulatory challenges, and stimulate innovation and job growth, particularly in emerging technologies.
The visit underscores the commitment to building strong and mutually beneficial trade and investment relationships between India and the US. Beyond economic ties, the two nations share strategic and democratic values, collaborating under frameworks such as QUAD and I2U2 (India-Israel/UAE-US). Minister Goyal’s engagements include an investors’ roundtable, one-to-one meetings with CEOs, and interactions with various stakeholders, including students, entrepreneurs, venture capitalists, and the Indian diaspora. He is also expected to engage with technology, entrepreneurship, and academic communities in Silicon Valley, exploring opportunities for American companies to invest or expand in India across sectors like electronics, technology, and fintech. Shortly after arriving in the US, Goyal met with Singapore’s Minister for Trade and Industry Gan Kim Yong, discussing ways to deepen economic partnership between India and Singapore across various sectors.