On the sidelines of the IPEF (Indo-Pacific Economic Framework for Prosperity), Union Commerce and Industry Minister Piyush Goyal attended a series of bilateral meetings aimed at deepening and finding scope for new investment opportunities in India.
Goyal, who is on a four-day visit to the US, met Indonesia’s Coordinating Minister for Economic Affairs, Airlangga Hartarto and the talks between the two leaders focused on strengthening trade and investment ties between India and Indonesia.
“Held a productive discussion on deepening India-Indonesia trade & investment ties with Indonesia’s Coordinating Minister for Economic Affairs @Airlangga_Hrt,” posted Goyal on X.
He also held a discussion with Malaysia’s Minister of Investment, Trade and Industry, Tengku Zafrul. Goyal appealed to his Malaysian counterpart for an early conclusion of the review of the AITIGA Agreement.
“Had a productive discussion with my Malaysian counterpart Mr. @Tzafrul_Aziz. Urged Malaysia, which is the ASEAN coordinator for India, for an early conclusion of review of AITIGA Agreement,” Minister Goyal said in a post.
The Union Commerce and Industry Minister also held a bilateral meeting with his New Zealand counterpart, Damien O’Connor.
Goyal, along with Lam Research’s President and CEO, Tim Archer, discussed investment opportunities in India’s semiconductor and deep-tech space sectors.
“Met Tim Archer, President & CEO, @LamResearch. Discussed an innovation-led future & investment opportunities in India’s semiconductor & deep-tech space that is ably supported by a robust talent pool,” Goyal’s said in a post on X.
In San Francisco, Goyal also attended ministerial-level talks on ‘Clean Economy and Fair Economy’ on Tuesday (local time). The Indo-Pacific Economic Framework (IPEF) ministers also posed for a family photograph.
Besides discussion on the two pillars, ministers from 14 countries signed an agreement on the resilient chain under the Indo-Pacific Economic Framework (IPEF) as they sought to forge an alliance to strengthen relations and reduce dependence on China in the post-Covid period.
On Monday, other members (not including India) were unable to strike a substantial trade deal during ministerial talks, despite their common goal of promoting a rules-based commercial order in the region where China is growing in influence.
India has so far stayed away from the trade talks while keeping its options open for the future. A decision on the trade pillar, which is being closely watched in the US, will take some time as just around half of it has been negotiated.
During the US visit until November 16, the Commerce and Industry Minister will participate in the third in-person IPEF Ministerial meeting and the engagements of the Asia-Pacific Economic Cooperation (APEC). India has been invited to the 30th APEC Economic Leaders’ Meeting 2023 as a ‘Guest Economy’.
Goyal arrived in San Francisco on November 13. Kicking off the official tour, the Commerce and Industry Minister visited the Tesla Factory Unit in Fremont and interacted with the senior executives of the Tesla group.
