World News | India to host next special round of Indo-Pacific Economic Framework Pillars 2-4

New Delhi [India]December 20 (ANI): Union Minister of Commerce and Industry Piyush Goyal joins US Secretary of Commerce Gina Raimondo and other IPEF partner countries for a virtual ministerial meeting on the economic benefits of the Indo-Pacific Economic Prosperity Framework (IPEF), Ministry of Commerce and Industry said Tuesday.

In a statement, the Commerce Ministry said Goyal commended the partner countries for taking the initiative seriously. He expressed confidence that IPEF will contribute to inclusive development by enhancing trade and investment in the region.

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Minister Goyal extended an invitation to all partner countries to participate in the next special round of IPEF Pillars 2-4 to be hosted by India on 8-11 February 2023.

“He urged members to focus on early harvests of deliverables that would benefit all members. He was pleased to note that an investment forum between private and public sector stakeholders appeared to be established among members to encourage Consensus was reached on investment in the clean energy sector, during a recent round of negotiations held in Brisbane, Australia,” the commerce ministry said in a statement.

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The minister shared his views on some of the common tangible benefits such as capacity building; technical assistance, including sharing of expertise and best practices; investment, innovative projects, etc., expected to come from the initiative.

Goyal also shared with IPEF partners some of India’s specific expectations for IPEF.

He said India could contribute to supply chain resilience in industries such as pharmaceuticals, and invited members in semiconductors, critical minerals and clean technologies to provide support, including innovative projects that could be scaled up outside IPEF to other developing countries.

He further touched on the non-paper presented by India on some ideas such as mobilizing financial resources for climate action at a reasonable cost. He also drew the attention of partner countries to the need to take measures to combat terrorist financing.

In addition, the Minister expressed his full support for the timetable for negotiations agreed at the recent Brisbane meeting.

Minister Raimondo welcomed India’s offer to host the IPEF Pillars 2-4 Special Negotiation Round and assured that the US IPEF team will work closely with India in this regard. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)