The IPEF ministerial meeting was inclusive and fruitful, Piyush Goyal said

India has joined three pillars of the Indo-Pacific Economic Framework (IPEF) related to supply chains, tax and anti-corruption, and clean energy. It, however, wants further talks on the aspects related to the trade pillars, Union Minister of Commerce and Industry Piyush Goyal said on Saturday.

Goyal, who attended the Indo-Pacific Economic Framework (IPEF) Ministerial meeting in Los Angeles, USA, described the meeting as inclusive and fruitful.

"Indo-Pacific Economic Framework for Prosperity ministerial meet was inclusive & fruitful.

Broad contours of future discussions have been worked out, reflecting commitment of member nations for long term engagement for free & open trade in the region, Goyal tweeted.

Fruitful discussions had been held to bring together a group of like-minded, rules-based, transparent countries with a shared interest in an open Indo-Pacific region, he told the media after the meeting.

He stated that on three out of the four pillars linked to supply chains, tax and anti-corruption, and clean energy, India was satisfied with the conclusion and language and had joined the declaration. He emphasized that India had participated very thoroughly in all the many streams of debate.

The Minister stated that the framework's details, notably the pledges necessary for the environment, labor, digital commerce, and public procurement, are still developing for one pillar that focuses largely on trade.

He continued, "We have to see what benefits member countries will derive and whether any conditionalities on aspects like the environment may discriminate against developing countries who have the imperative to provide low-cost and affordable energy to meet the needs of our growing economy."

The Union Minister also underlined that India was still working to finalise its own digital framework and rules, notably those pertaining to privacy and data, and that, as a result, while continuing to participate in the IPEF's trade track, India would wait for the details to become clear.

He added that officials would participate in the conversations in the meantime with an open mind and in the best interests of Indian citizens and enterprises.

In response to a question, the minister stated that any such agreement should include specific obligations of the developed world and that this would need greater participation.

Furthermore, the Union Minister praised all of the member nations for how quickly the general outline of future interactions had been developed from the launch in May 2022 to the first ministerial setting out in September.

The Minister also praised the US and both US Trade Representative Ambassador Katherine Tai and US Commerce Secretary Gina Raimondo for their unrelenting dedication to making IPEF a success.

Lastly, the Minister expressed confidence in the ability of this group of 14 nations to establish future trade regulations among nations that value integrity, openness, and rule-based commerce.