Piyush Goyal joins Indo-Pacific Economic Framework for Prosperity (IPEF) Virtual Ministerial Meeting

Piyush Goyal .joined U.S. Secretary of Commerce Gina Raimondo, Thai Deputy Prime Minister and Foreign Minister Parnpree Bahiddha-Nukara, along with the ministers from the other IPEF partners, in their first Ministerial meeting this year.

During the virtual ministerial meeting on Pillars II-IV, IPEF partners welcomed the significant progress made since the substantial conclusion of the negotiations for the proposed IPEF Clean Economy Agreement (Pillar III), the IPEF Fair Economy Agreement (Pillar IV), and Agreement on IPEF in November 2023. The IPEF partners also discussed the ongoing cooperative work ahead across the three proposed agreements.

Additionally, IPEF partners welcomed the entry into force of the IPEF Supply Chain Agreement w.e.f. 24 February 2024. The texts of the proposed Clean Economy Agreement, Fair Economy Agreement, and Agreement on IPEF were also made public. 

Addressing the Ministerial gathering, Minister Goyal called for an expeditious implementation of all the action-oriented collaborative elements under various IPEF Pillars. On the Pillar-II (Supply Chains Resilience) Agreement, which entered into force on 24 February 2024, Minister Goyal highlighted India’s global production capacities in many critical sectors, which provide supply diversification opportunities for IPEF partners. Highlighting the 'Prime Minister Surya Ghar Muft Bijli Yojana’ as a project that not only furthers clean economy objectives but also generates large socio-economic multiplier effects, Minister Goyal invited investors from IPEF partners to invest and benefit from the trillion dollar plus opportunity that India provides in the clean economy domain.