Los Angeles [US], September 9 (ANI): US Trade Representative Katherine Tai on Thursday stated that Indo-Pacific Economic Framework for Prosperity (IPEF) offered a chance to deepen the partnerships with member international locations and also will tackle the challenges collectively.
“While we all are dealing with economic challenges, the IPEF and our meeting over course of the next two days present us with an opportunity to deepen our partnerships and work collectively to address these challenges,” Ambassador Tai stated forward of the discussions.
She additional stated, “The IPEF also allows us to work together to build a platform to address future challenges and bring sustainable and equitable growth to the Indo-Pacific region.”Ambassador Tai recalled the IPEF’s preliminary time, when it was launched in May, and stated that the framework was primarily based on shared priorities and values together with combating climatic change, defending labour rights and constructing resilient provide chains and we now have made a variety of progress.
“We are here in person to continue our momentum to fill in the details of our shared vision on issues like digital economy, labour, environment and agriculture and trade facilitation,” she added.
Meanwhile, Union Minister Piyush Goyal, who’s in Los Angeles to attend the India-US Strategic Partnership Forum convention and PEF ministerial assembly, had met Ambassador Tai forward of the assembly.
The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched collectively by the USA and different companion international locations of the Indo-Pacific area on May 23, 2022, in Tokyo. India joined the IPEF and Prime Minister Narendra Modi attended the launch occasion together with US President Joe Biden, Japanese Prime Minister Kishida Fumio and different leaders from companion international locations. Previously, digital Ministerial Meetings had been held instantly after the launch on May 23 and thereafter from July 26-27, 2022.
India is dedicated to a free, open and inclusive Indo-Pacific Region and would work in direction of deepening financial cooperation amongst companions for the expansion and prosperity of the area. The framework is inclusive and permits flexibility to companion international locations to affiliate with pillars primarily based on their respective priorities, the Ministry of Commerce and Industry stated in an announcement.
IPEF, a bunch of 13 international locations, is a multilateral financial framework. In current occasions, India is seen as specializing in bilateral free commerce agreements as a substitute of multilateral ones. (ANI)