Tuesday, November 28, 2023

Piyush Goyal Initiates Bilateral Talks in San Francisco with IPEF Partner Nations

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Union Commerce Minister Piyush Goyal’s visit to the United States has gained momentum as he arrived in San Francisco for the Indo-Pacific Economic Framework (IPEF) ministerial meeting. Amid his stay from November 13 to 16, Goyal is set to participate in the Asia-Pacific Economic Cooperation Summit.

Upon his arrival, Goyal wasted no time and held discussions with Singapore’s Minister for Trade and Industry, Gan Kim Yong, focusing on advancing trade and commerce ties. The meeting underscored the commitment to enhancing cooperation between India and Singapore in emerging and futuristic sectors.

India and Singapore share a long-standing bilateral relationship rooted in economic and political interests. The economic reforms in India since the 1990s have strengthened ties, offering opportunities for a substantial presence in each other’s economies.

Goyal is scheduled to interact with key US officials, including Secretary of Commerce Gina Raimando and US Trade Representative Katherine Tai. These discussions aim to fortify the partnership between India and the United States, bolstering trade and economic relations.

The Commerce Minister will also engage with ministers from other IPEF partner countries on the sidelines of the ministerial, further emphasizing India’s commitment to a free, open, and inclusive Indo-Pacific region.

A significant aspect of Goyal’s visit is the “India-USA Innovation Handshake Initiative,” a joint event with US Commerce Secretary Gina Raimondo. The initiative aims to bridge regulatory gaps, foster innovation, and promote job growth, particularly in emerging technologies.

Participating in the APEC Economic Leaders’ Meeting 2023 as a ‘Guest Economy,’ Goyal will address key issues such as trade barriers, investment promotion, and cooperation in technology and innovation.

The summit program includes an investors’ roundtable, one-to-one meetings with CEOs, and interactions with various stakeholders, including students, entrepreneurs, venture capitalists, and the Indian diaspora.

Goyal’s engagement in the Bay Area, specifically the Silicon Valley, will focus on discussions with American companies interested in investing or expanding in India across sectors such as electronics, technology, and FinTech.

The IPEF, a collaborative initiative launched by the US and partner countries in the Indo-Pacific region, aims to strengthen economic engagement for growth, peace, and prosperity. Goyal’s visit underscores India’s commitment to a free and inclusive Indo-Pacific region, fostering economic cooperation among partner countries.

The minister’s discussions with global leaders, business executives, and industry experts will contribute to shaping the future trajectory of the region, with a focus on sustainability, inclusion, resilience, and innovation.”

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