IPEF meet fruitful, says Union minister Piyush Goyal as India stays out of trade policy pillar

India has joined three critical pillars of the Indo-Pacific Economic Framework (IPEF) but chose to stay out of the crucial trade pillar.

India has joined three critical pillars of the Indo-Pacific Economic Framework (IPEF), prompting Union Minister of Commerce and Industry Piyush Goyal to call the first in-person ministerial summit of the US-led initiative “inclusive and fruitful”.

However, India chose to stay out of the crucial trade pillar. Goyal said the contours of the framework - particularly on commitments required on environment, labour, digital trade and public procurement — are still emerging.

Highlighting that India had engaged very exhaustively in all the various streams of discussion, Goyal said that on three out of four pillars related to supply chains, tax and anti-corruption and clean energy, India was comfortable with the outcome and text and has joined the declaration.

The Union minister also stated that India was in the process of firming up its own digital framework and laws, particularly regarding privacy and data. He added that while continuing to engage with the trade track in the IPEF, the Indian side will wait for broader consensus on certain aspects among all nations.

“We have to see what benefits member countries will derive and whether any conditionalities on aspects like 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,” Goyal said.

IPEF has 14 members - Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and the US. Goyal expressed confidence that together the 14-member grouping will “define the rules of trade among countries which believe in fair play, transparency and rules-based trading in the future.”Goyal held bilateral meetings with US Trade Representative Katherine Tai, US commerce secretary Gina Raimondo and Australian Trade Minister Don Farrell on the sidelines of the IPEF meet in Los Angeles.“Our trade and investment ties have strengthened with the signing of Economic Cooperation and Trade Agreement. Discussed ways to further boost bilateral trade & cooperation under the IPEF”, he tweeted.