Union Commerce and Industry Minister Piyush Goyal attended a series of bilateral meetings on the sidelines of IPEF (Indo-Pacific Economic Framework for Prosperity) aimed at deepening and finding scope for new investment opportunities in India.
Goyal, who is on a four-day visit to the US, met Indonesian Coordinating Economy Minister Airlangga Hartarto and talks between the two leaders focused on strengthening trade and investment ties between India and Indonesia.
“Had a productive discussion on deepening India-Indonesia trade and investment relations with Indonesian Coordinating Minister of Economy @Airlangga_Hrt,” Goyal wrote on X.
He also held discussions with Malaysia’s Minister of Investment, Trade and Industry Tengku Zafrul. Goyal appealed to his Malaysian counterpart for an early conclusion of the revision of the AITIGA agreement.
“Had a productive discussion with my Malaysian counterpart Mr. @Tzafrul_Aziz. He urged Malaysia, who is the ASEAN Coordinator for India, to conclude the AITIGA review soon,” Minister Goyal said in a post.
The Union Commerce and Industry Minister also held a bilateral meeting with his New Zealand counterpart Damien O’Connor.
Goyal, along with Lam Research President and CEO, Tim Archer, discussed investment opportunities in India’s semiconductor and deep space sectors.
“We met Tim Archer, President & CEO, @LamResearch. We discussed the future and investment opportunities based on innovation in India’s semiconductor and deep technology space, which is ably supported by a massive talent pool,” Goyal said in a post on X.
In San Francisco on Tuesday (local time), Goyal also attended a ministerial-level meeting on “clean economy and fair economy”. The Indo-Pacific Economic Framework (IPEF) ministers also posed for a family photo.
In addition to the two-pillar discussion, ministers from 14 countries signed the Indo-Pacific Economic Framework (IPEF) Resilient Chain Agreement as they seek to ally to strengthen ties and reduce dependence on China in the post-Covid era.
On Monday, the other members (except India) were unable to seal a substantive trade deal during ministerial talks, despite their shared goal of promoting a rules-based trade order in a region where China’s influence is growing.
India has so far stayed away from trade talks, keeping its options open for the future. A decision on the trade pillar, which is closely watched in the US, will take some time as about half is negotiated.
During his visit to the US until November 16, the Minister of Trade and Industry will attend the third face-to-face ministerial meeting of IPEF and Asia-Pacific Economic Cooperation (APEC) commitments. India has been invited to the 30th APEC Economic Leaders’ Meeting 2023 as a “guest economy”.
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