The Indo-Pacific Economic Framework for Prosperity was launched in Tokyo, Japan in May this year

Union Minister of Commerce and Industry Piyush Goyal will attend the first ever in-person Ministerial meeting of the Indo-Pacific Economic Framework (IPEF) which will be held in the US.

He will visit San Francisco and Los Angeles from September 5-10 to attend the meet and also hold talks with US officials on bilateral cooperation.

The meet would focus on strengthening economic cooperation and enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region, the Ministry of Commerce and Industry said on Friday.

During the visit, Goyal will also interact with eminent business persons, US officials and industry leaders to fortify the partnership between the two nations and strengthen trade and economic ties.

The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched jointly by USA and other partner countries of the Indo-Pacific region on May 23, 2022 at Tokyo. India joined the IPEF and Prime Minister Shri Narendra Modi attended the launch event along with US President Joe Biden, Japanese Prime Minister Kishida Fumio and other leaders from partner countries.

Virtual Ministerial Meetings were held immediately after the launch on May 23 and thereafter from July 26-27.

The IPEF seeks to strengthen economic engagement among partner countries with the goal of advancing growth, peace and prosperity in the region. The framework is structured around four pillars relating to Trade (Pillar I); Supply Chains (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV).

The Commerce and Industry Minister will also hold bilateral meetings with US Secretary of Commerce, USTR and Ministers from other IPEF partner countries on the sidelines of the IPEF Ministerial.

During the visit, Goyal would interact with the CEOs of multinationals, Indian diaspora, startup community including venture capitalists and academia to propel existing trade and investment relations between Indian and US business communities, the ministry added.