Business

National interest: For now, India remains outside the commercial pillar of IPEF

LOS ANGELES: India has now opted out of the Indo-Pacific Economic Framework (IPEF) commercial pillar. Trade Union Minister Piyush Goyal on Thursday said all decisions would be made keeping in mind the “national interest”.
IPEF has four pillars – trade, supply chain, clean energy infrastructure-decarbonisation, taxation and anti-corruption.
The forum gives flexibility to the 14 member countries in choosing which pillars/pillars they want to join.
When asked why India has chosen to stay out of the mainstay of trade for now, the US Trade Representative Katherine Tai said here on Friday after the conclusion of the two-day ministerial meeting: “This can be answered by Minister Goyal. I would not say that India has opted out of the commercial pillar. I would say they don’t come in right now. She said the US will hold bilateral talks with India later this year and will address similar issues.
Trade experts say India may have some real concerns regarding some aspects of the trade pillar that could extend beyond WTO obligations. Piyush Goyal had on Thursday said any decision would be based on India’s “national interest”.
US Secretary of Commerce Gina Raimondo “All 14 IPEF members came together to discuss these issues,” said Friday. There are no skeptics in the room, we have a clear roadmap for the common good of all members. The timelines for implementation are drastic because people depend on us for success. ”
Ambassador Tai said: “IPEF means being flexible. Member countries can choose which pillars they want to join. There has been a lot of enthusiasm in ensuring a flexible supply chain among member countries. IPEF will lead to more investments and more jobs creation in all 14 countries”.
Union Trade Minister Piyush Goyal said at the end of a day of discussions on Thursday that the 14 member states had had a “very productive engagement, which lays the groundwork for finding a solid framework in the areas of areas of mutual interest.” The main agenda is to avoid the supply chain disruption seen during Covid due to over-reliance on a country that has virtually emerged as the world’s factory in recent years.
On Thursday, Goyal held bilateral discussions with the United States with Foreign Minister Raimondo and Ambassador Tai, among other countries, on the sidelines of the IPEF. “The climate is favorable for the further expansion of trade relations with the US and more investment by US companies in India. We agreed to have a flexible supply chain between the two countries,” said Goyal.
India is a major provider of IT services to US companies. “Working from home means that our residents in Tier III and IV cities are providing cost-effective IT (IT) solutions to US companies. After meeting with a number of US companies, it is clear that the tech support recruitment plans from India are staggering. We will soon have our next trade policy engagement with the US,” Goyal said.
He also met with the trade ministers of Japan and Vietnam. “Areas of mutual interest were discussed. We plan to increase exports to both of these countries. All these efforts will lead to significant job creation in India,” Goyal said.
IPEF’s 14 members include Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Thailand, the United States and Vietnam. Unlike trade agreements, this framework does not seek to provide greater market access.

Source link

news5s

News5s: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button