goyal: Piyush Goyal: Indo-Pacific Economic Framework will help keep supply chains open in tough times

The Indo-Pacific Economic Framework (IPEF) will open up opportunities for countries like India to work in partnership with other like-minded nations and ensure that supply chains remain open and businesses don’t suffer, particularly during difficult times, commerce and industry minister Piyush Goyal said a day ahead of the two-day IPEF ministerial meeting starting in Los Angeles from Thursday.
“I do see that the US and India are getting closer together. I do see that our relations are strengthening by the day in terms of two Quads now. One with Japan, Australia and other with Israel and UAE. We have the two plus two ministerial dialogue which has become very robust and vibrant,” said Goyal. “Our engagement in several areas is expanding several geopolitical areas, sensitive areas. We continue to grow this relationship and the leaders of both countries, businesses in both countries and people are closer than ever before.”
He said the IPEF will cement trade ties between the two countries.

The minister is visiting San Francisco and Los Angeles from September 5-10 to attend the India-US Strategic Partnership Forum conference and IPEF ministerial meeting, along with meeting with leaders from top technology companies and startups and members of the Indian diaspora.
During the IPEF, Goyal will meet the US secretary of commerce and US trade representative, and also hold bilateral meetings with officials from countries such as Japan and Australia. Speaking on whether a review of the free trade agreement (FTA) with Japan is on the cards, he said it is “quite long overdue”. “I will raise that issue with my counterpart from Japan,” he added.
The interim trade deal with Australia is also yet to be ratified by the Australian Parliament and has been delayed due to the elections. Goyal said new trade minister Don Farrell is likely to be in India later this month.
“We’ll be meeting and having discussions, but he has already assured we met me at the WTO meetings that they are very pleased with the outcome of the Indo-Australian negotiations and the free trade agreement, the ECTA (Australia- India Economic Cooperation Agreement) that we finalised and that they will be putting it through parliament soon. And I’m told the tentative timelines are the end of this year. It will be cleared through their parliament,” said Goyal.
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