San Francisco: India has joined the United States and 12 other partners in the Indo-Pacific Economic Framework for Prosperity (IPEF) to sign the IPEF Agreement on Supply Chain Resilience, which Union Minister Piyush Goyal says will “strengthen and strengthen” global chains.
India and the United States are among the 14 IPEF chain resilience partners, along with Australia, Brunei Darussalam, Fiji, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
This global supply chain resilience arrangement is seen as a way to increase dependence on China, especially after severe supply disruptions following the Covid shock.
As part of the proposed agreement, IPEF components seek to create a framework for their collective understanding of curtain supply chain risks; Improve crisis coordination and reaction to disruptions in the chain of origin.
It will also seek to ensure that staff and businesses, especially micro, small and medium-sized enterprises, derive advantages from resilient, physically powerful and effective supply chains; the availability of a sufficient number of professional personnel in critical sectors and key products, adding it through the improvement and retraining of personnel.
A post published on microblogging would “strengthen and strengthen” global source chains and “foster adaptability, stability, and sustainability. “
Goyal thanked his U. S. counterpart, Gina Raimondo, for her leadership and commitment to securing this “truly historic” moment toward a more resilient future.
Following the publication of the IPEF in Tokyo, Japan, on May 23 last year, and the upcoming publication of the IPEF Ministerial Declarations on September 9, the partners have worked constructively, adding up through 4 rounds of in-person negotiations, several virtual intersessional meetings, and quite a few bilateral meetings, according to a report by the U. S. Department of Commerce.
Previously, on November 13, Goyal participated in the Investor Roundtable organized in collaboration with the U. S. -India Strategic Partnership Forum and Indiaspora.
The occasion brought together venture capitalists and marketers from a wide variety of industries in the United States, adding energy, manufacturing, logistics, and technology, among others.
During an interactive consultation held in San Francisco as part of the first leg of the U. S. tour, the Union Minister held extensive discussions with attendees and highlighted the various measures taken through the Government of India to facilitate business. So far, he has held several bilateral meetings with his counterparts from other countries.
“. . . highlighted how the country offers promising opportunities for investors, thanks to the unique combination of our demographic dividend, production functions, and a conducive business environment,” Goyal posted on India as an attractive investment destination for the world.
The Minister of Commerce and Industry kicked off his official tour of the United States with a stopover at Tesla’s factory in Fremont and interacted with senior executives of the Tesla Group.
In an article on X, Goyal said that the American electric car maker is about to double its imports of parts from India.
He said he was “delighted” to see Indian engineers and finance professionals in leadership positions and contributing to Tesla’s adventure into mobility.
Tesla CEO Elon Musk had said in June this year that he planned to make a stopover in India next year, adding that he was confident that the electric carmaker would be in India and would do so “as soon as humanly possible. “(ANI)
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