India’s Global Impact at IPEF Ministerial Meeting

IPEF Ministerial Meeting

On November 14, 2023, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal, played a pivotal role in the third in-person IPEF Ministerial meeting, marking a significant chapter with the signing of the groundbreaking IPEF Supply Chain Resilience Agreement.

IPEF Supply Chain Resilience Agreement: Pioneering Cooperation

During the Ministerial meeting, Shri Piyush Goyal, in conjunction with ministers from other IPEF partner countries, inked the trailblazing IPEF Supply Chain Resilience Agreement. This agreement is poised to bolster IPEF supply chains, enhancing their resilience, robustness, and integration, with the anticipated outcome of contributing significantly to the economic development and progress of the entire region.

Emphasizing Collaboration and Shared Objectives

In his address to the gathering, Minister Goyal underscored the imperative for heightened collaboration to realize the collective goals of the IPEF. He particularly highlighted the urgency of mobilizing affordable financing for a transition to a clean economy and fostering enhanced technology cooperation. The Minister urged the swift implementation of cooperative work under IPEF, including the establishment of a bio-fuels alliance, a proposition put forward by India.

Progress on Pillars III and IV: Sustainable and Equitable Economy

Ministers from IPEF partner countries engaged in constructive discussions regarding the significant progress made on Pillar-III (Clean Economy) and Pillar-IV (Fair Economy). Minister Goyal advocated for increased collaboration among IPEF partners to further advance these pillars.

Bilateral Meetings and Collaborative Dialogues: IPEF Ministerial Meeting

On the fringes of the IPEF Ministerial, Minister Goyal conducted bilateral meetings with key counterparts, including Her Excellency Ms. Gina Raimondo, United States Secretary of Commerce, His Excellency Mr. Tengku Zafrul Aziz from Malaysia, and His Excellency Dr. (HC) IR. Airlangga Hartarto from Indonesia. The discussions covered bilateral collaboration on trade, commerce, and investment, as well as addressing WTO matters and other mutual interests.

Kick-off Industry Roundtable: Decoding the “Innovation Handshake”

Co-chairing with the US Secretary of Commerce, Minister Goyal spearheaded a kick-off industry roundtable titled, “Decoding the ‘Innovation Handshake’: U.S. – India Entrepreneurship Partnership.” This event, co-hosted by the U.S.-India Business Council (USIBC) and the Confederation of Indian Industry (CII), gained support from the National Association of Software and Service Companies (NASSCOM) and Startup India. The roundtable brought together CEOs, venture capital executives, and founders from major ICT companies, fostering collaboration in critical and emerging technology spaces.

Empowering Indian Entrepreneurs Globally: IPEF Ministerial Meeting

In a culminating engagement for the day, Minister Goyal interacted with Indian entrepreneurs in the Western United States. The Consulate General of India in San Francisco, in collaboration with IIT Alumni & TIE Global, organized this interaction. Minister Goyal addressed the gathering, highlighting the immense potential in India and encouraging Indian entrepreneurs to play a pivotal role in accelerating the country’s economic growth. He urged them to support the Prime Minister’s call for being vocal for local and transforming local successes into global achievements.

As India actively participates in global forums and strengthens international partnerships, Minister Goyal’s engagements at the IPEF Ministerial Meeting exemplify the country’s commitment to fostering economic growth, innovation, and collaboration on the global stage.

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