India has joined the US and 12 other IPEF (Indo-Pacific Economic Framework for Prosperity) partners to ink the IPEF Supply Chain Resilience Agreement in San Francisco. India's Commerce and Industry Minister Piyush Goyal described the international agreement as the first of its kind in strengthening global supply chains & fostering adaptability.

Share Market Live

NSE

While Goyal participated in the third in-person IPEF Ministerial meeting on November 14, he also held several bilateral meetings with his counterparts from various countries.

In a bilateral meeting between Piyush Goyal and the US Secretary of Commerce Gina Raimondo, aspects of the growing India-US commercial cooperation & business engagement were discussed. A Memorandum of Understanding (MoU) was signed on “Enhancing Innovation Ecosystems through an Innovation Handshake”, with an aim to connect startup ecosystems, particularly in Critical and Emerging Technologies (CET).

The MoU aims to connect both the startup ecosystems, address specific regulatory hurdles to cooperation, share information and best practices for startup fundraising and promote innovation and job growth, particularly in critical and emerging technologies as identified under the India-US initiative for Critical and Emerging Technology (iCET).

Piyush Goyal termed the MoU as poised to positively impact economic activity, attract investment & generate employment. The event was co-hosted by the US-India Business Council (USIBC), and Confederation of Indian Industry (CII). The support was laid out by the National Association of Software, Service Companies (NASSCOM), Startup India, CEOs from several ICT companies, among others.

The announcement laid the groundwork for two future Innovation Handshake events scheduled to take place in India and the US in early 2024, which include an investment forum aimed towards helping startups from both countries take their innovative ideas and products to the market.

The fifth India-US Commercial Dialogue was held on March 10 during the visit of the US Secretary of Commerce Gina Raimondo, where the Commercial Dialogue was relaunched. The dialogue focused on supply chain resilience, climate and clean technology cooperation, advancing inclusive digital economy, and facilitating post-pandemic economic recovery, especially for SMEs and startups.

In a bilateral meeting with his Malaysian counterpart Tengku Zafrul Aziz, Goyal urged the South-East nation for an early conclusion of a review of AITIGA Agreement. Malaysia is the ASEAN coordinator for India. Goyal also held a discussion on deepening India-Indonesia trade & investment ties with Indonesia's Coordinating Minister for Economic Affairs — Airlangga Hartarto.

India is looking to make further headway in the ongoing IPEF negotiations. Launched in May 2022, IPEF currently has 14 member nations: Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Thailand, US and Vietnam.

Also Read:Piyush Goyal to attend IPEF, APEC ministerial meetings in San Francisco next week

(Edited by : Sangam Singh)

First Published:Nov 15, 2023 2:55 PM IST