Commerce and Industry Minister Piyush Goyal will hold bilateral meetings with his American counterparts next week in the US to discuss ways to boost trade and investments ties, an official said. The minister will be on a six-day visit to San Francisco and Los Angeles from September 5.
During the visit, Goyal will participate in the two-day ministerial meeting of Indo-Pacific Economic Framework for Prosperity (IPEF) on September 8 and 9 in Los Angeles, the official said. He will meet US Trade Representative Katherine Tai and US Secretary of Commerce Gina M Raimondo on the sidelines of the IPEF ministerial meeting.
The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 at Tokyo. It seeks to strengthen economic partnership amongst participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness and competitiveness in the region.
The 14 members of IPEF are — Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and the US. In this ministerial meet, discussions will be held around four pillars relating to trade, supply chains, clean economy and fair economy.
“During the ministerial meeting, detailed discussions will be held focusing on working collectively for an inclusive economic framework that will stimulate economic activity and investment, and promote sustainable and inclusive economic growth," the official added. Goyal will also hold bilateral meetings with his counterparts from other IPEF partner countries.
The San Francisco leg of the minister’s visit will focus on interacting with top entrepreneurs, investors, and the Indian diaspora, primarily based in Silicon Valley. The official said there would be focused discussions with American companies looking to invest or expand in India across sectors like electronics including semiconductors, technology and fintech.
There would also be an interactive sessions with key players in the startup ecosystem, including funds, venture capitalists, angel investors, and unicorns. The focus would be to promote and facilitate investments and expansion by key American players in India across strategic sectors; engage with the vibrant startup community there to explore greater partnerships with the Indian startup ecosystem, and mobilise global capital for domestic markets, the official added.
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