Shri Piyush Goyal to attend Indo-Pacific Economic Forum (IPEF) Ministerial meeting in Los Angeles tomorrow

Indo- Pacific Economic Forum (IPEF) to work to ensure that Indo-Pacific Region would remain secure and open for business: Shri Piyush Goyal

IPEF to focus on facilitating trade and keeping supply chains open, especially during challenges and difficult times: Shri Goyal

Shri Goyal engages with top semiconductor manufacturing companies and labs to explore greater collaboration with Indian companies

Minister visits the Maydan Technology Centre for applied materials in San Francisco

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal will continue on the second leg of his tour of the US and travel to Los Angeles today to attend the first in-person Ministerial meeting of the Indo-Pacific Economic Forum (IPEF), US-India Strategic Partnership Forum (USISPF) meeting and other significant events.

Earlier in the day, Shri Goyal had a luncheon engagement with ‘Indiaspora’.

Interacting with media later in the day, ahead of the IPEF Ministerial, Shri Piyush Goyal said that discussions at IPEF would focus on opening opportunities for the member nations to work in partnership with each other to ensure that particularly during challenges and difficult times, supply chains remain open and business and people of countries don’t suffer because of chaotic conditions like covid and conflict.

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

Elaborating further, the Minister said that at the IPEF Ministerial, discussions would focus on facilitating open trade, keeping supply chains open. He said that as trading relations with IPEF nations expand, investments, both from and into India, would also get a leg up. 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 added.  

Responding to a query, Shri Goyal said that US and India share a very good and strong business relationship. The US is India’s largest trading partner and many Indian companies do a lot of work for their counterparts in America. There is a lot of investment flowing from US to India, he added.

Observing that US and India are getting closer together, the Minister said that the relations between the two nations were strengthening by the day through two Quads now- one with Japan and Australia and another with Israel and UAE. 2 plus 2 ministerial dialogues between India and USA are robust and vibrant and our engagements in several areas including geopolitical and sensitive areas are expanding. The leaders of both countries, the businesses of both countries and the people of both countries are closer than ever before, he added.

Highlighting some of the milestones India has achieved in international engagement such as USD 675 billion worth of foreign trade despite challenges of conflict, inflation, threat of recession and pandemic and record FDI in the last eight years, the Minister expressed confidence that India is and would remain a preferred trading partner and investment destination to the world, thanks to the huge market, honest government and transparent economic policies, rule of law, vibrant media and judiciary. This will improve the well-being of people of India provide jobs, thrust to economic activity and thus growth, he added.

The Minister also engaged with top companies and labs of semiconductor manufacturing and research to explore greater collaboration with Indian companies. He held a meeting with Tim Archer, CEO of Lam Research.

“Building on our pool of young & skilled workforce, discussed how India in collaboration with Lam research, can provide a leading edge in semiconductor innovation”, he tweeted after the meeting.

Shri Goyal then Visited the Maydan Technology Center and met with Gary Dickerson, President & CEO of Applied Materials.

 

Supply chain resilience: ministers commit to facilitating open trade and cooperation to keep supply chains functioning during crises. Indo Pacific Economic Forum ministerial focuses on facilitating open trade and preserving supply chain resilience among like minded economies, pursuing cooperative measures to keep supply chains functioning during crises and expand trading and investment opportunities. Parallel engagements aim to advance investment and technology collaboration, notably in semiconductor manufacturing and research, to deepen economic integration with partner economies.