Piyush Goyal emphasizes India’s potential as a global supply chain hub at Indo-Pacific meet with 14 nations

New Delhi, March 14 (IANS) Commerce & Industry Minister Piyush Goyal emphasized India’s potential for global supply chain diversification at the 14-nation Indo-Pacific Economic Framework for Prosperity (IPEF) meeting. Minister Goyal participated in the virtual ministerial meeting alongside officials from other IPEF countries.

During the meeting, Minister Goyal urged for the swift implementation of action-oriented collaborative elements under various IPEF Pillars. He specifically highlighted India’s global production capacities, offering diverse supply chain opportunities for IPEF partners. The meeting also marked the progress made on the proposed IPEF Clean Economy Agreement and Fair Economy Agreement.

Furthermore, IPEF partners welcomed the enactment of the IPEF Supply Chain Agreement and the reveal of the proposed agreements’ texts. Minister Goyal spotlighted the ‘Prime Minister Surya Ghar Muft Bijli Yojana’ as a project that aligns with clean economy goals and presents significant investment prospects for IPEF partners in India’s trillion-dollar clean economy sector.

Looking ahead, the IPEF partners discussed plans to achieve concrete outcomes within the Framework, including the development of new Cooperative Work Programs and the hosting of the inaugural IPEF Clean Economy Investor Forum in Singapore in June. The ministers are set to convene in Singapore on June 6 for further discussions on the aforementioned agreements.

Established in May 2022, IPEF unites 14 regional partners to enhance economic cooperation. The partnership aims to foster collaboration among countries such as Australia, Japan, the United States, and India to promote sustainable growth and prosperity in the region. The next ministerial meeting is scheduled to take place in Singapore in June to advance the Framework’s objectives.