Sunday, March 26, 2023

US makes fresh Indo-Pacific business pitch, India will wait for clarity – Usky News

New Delhi: Government will wait for more clarity on proposed trade pillar Indo-Pacific Economic Framework ,IPEF) before committing to join the talks, amid a new pitch by the US suggesting that an agreement within the grouping could help spur more investment in the country.
IPEF is working on four pillars – trade, supply chain, clean energy and infrastructure and tax and anti-corruption – New Delhi is engaged in all other pillars except trade. While the US has made it clear that it is for India to decide how it wants to proceed, the government wants details to be known before engaging in discussions.
US Commerce Secretary Gina RaimondoEncouraged by US companies investing in India, said IPEF could further boost fund flows. Some of those announcements are expected from the 10 companies whose CEOs traveled with him to the forum.
“Minister (Piyush Goyal) and Secretary (Raimondo) said that deepening economic engagement among IPEF partner countries is critical for continued inclusive growth, peace and prosperity in the Indo-Pacific region. They shared the belief that IPEF would bring real benefits from enhanced investment inflows; development of infrastructure, connectivity and more resilient supply chains; Facilitating the clean economy transition for IPEF partner countries and the region at large; and strengthening anti-corruption efforts and tax administration,” said a joint statement issued after the talks.
Piyush Goyal and his US counterpart have identified several new areas of cooperation including MSMEs, developing standards and committed to support greater travel from both sides as it supports post-pandemic recovery.


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