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India, US discuss IPEF and commercial relations

28/09/2022    47

Two weeks after India formally joined three of the four pillars of the Indo-Pacific Economic Framework (IPEF), external affairs minister S Jaishankar met United States (US) commerce secretary Gina Raimondo in Washington DC on Monday and discussed the framework and its implications.

Besides IPEF, the two ministers also discussed the India-US commercial relationship, the growing interest of American businesses in India, and the possibility of a partnerships in the high-technology and semiconductor space.

After the meeting, Jaishankar tweeted, “An excellent meeting with Commerce Secretary @SecRaimondo. Our conversation covered resilient supply chains, Indo-Pacific Economic Framework, high technology cooperation, semiconductors and business promotion. Look forward to seeing her in India.”

In its readout of the meeting, the department of commerce said, “Secretary Raimondo welcomed the government of India’s participation in IPEF and Minister Jaishankar’s views on IPEF going forward. She emphasized the need for an ambitious and high-standard outcome, supported by concrete benefits, in order to deliver to all IPEF members, and looks forward to working closely with India in the discussions ahead.”

The department of commerce leads the three pillars that India has joined — of a connected economy (supply chains), clean economy (decarbonisation and infrastructure), and fair economy (taxation and anti-corruption). It is understood that Raimondo focused on a lot of tangible benefits in the work streams of supply chains, infra and clean energy that will emerge as IPEF’s details get fleshed out.

The commerce statement also added that Raimondo had confirmed the recent appointment of CEOs to the US Section of the US-India CEO Forum. In April, at the 2+2 dialogue between the foreign and defence ministers of both countries, India and the US had agreed to revive the CEO forum. “She and Minister Jaishankar agreed that both the CEO Forum and the US-India Commercial Dialogue are key opportunities to strengthen the US-India commercial relationship and to advance progress on issues relevant to both our economies.”

Source: Hindustan Times