San Francisco: Union Commerce Minister Piyush Goyal, who is on a visit to the United States from November 13 to 16, arrived in San Francisco Monday morning to attend the Indo-Pacific Economic Framework (IPEF) ministerial meeting.
Goyal has also been invited to attend the Asia-Pacific Economic Cooperation Summit in San Francisco.
Just shortly upon arrival, Goyal met with Singapore’s Gan Kim Yong, Minister for Trade and Industry, on the sidelines of IPEF in San Francisco. The two sides looked to advance trade and commerce between the two nations.
During the meeting, the leaders emphasised ways of enhancing cooperation between India and Singapore in emerging and futuristic areas.
#WATCH | Union Minister for Commerce & Industry Piyush Goyal holds bilateral meeting with Singapore Minister for Trade and Industry Gan Kim Yong, on the sidelines of the Indo-Pacific Economic Framework (IPEF) in San Francisco pic.twitter.com/JrM5LE1JDg
— ANI (@ANI) November 14, 2023
India and Singapore have a close bilateral relationship based on the convergence of economic and political interests, and the economic reforms in India since the early 1990s have created a strong basis for cooperation with Singapore, opening up possibilities for a significant presence in each other’s economies.
#WATCH | Union Minister for Commerce & Industry Piyush Goyal holds bilateral meeting with United States Trade Representative (USTR) Katherine Tai, on the sidelines of the Indo-Pacific Economic Framework (IPEF) in San Francisco pic.twitter.com/Wyth64wiNV
— ANI (@ANI) November 14, 2023
The close ties between the two Asian countries have a history rooted in strong commercial, cultural and people-to-people links across a millennium. The relations are based on shared values and approaches, economic opportunities and convergence of interests on key issues. There are more than 20 regular bilateral mechanisms, dialogues and exercises. There is great convergence on a broad range of international issues and both are members of a number of forums, including the East Asia Summit, G20, Commonwealth, IORA (Indian Ocean Rim Association) and IONS (Indian Ocean Naval Symposium).
The Indian minister will also interact with two top US officials, including US Secretary of Commerce Gina Raimando and US Trade Representative (USTR) Katherine Tai, to fortify the partnership between the two nations and strengthen trade and economic ties. The commerce minister will also interact with ministers from other IPEF partner countries on the sidelines of the IPEF ministerial.
As per a release from his Ministry of Commerce and Industry on Friday, Goyal will also interact with eminent businesspeople, prominent academics, US officials, and industry leaders during the visit to further strengthen the economic and commercial relations partnership between the two nations.
India has been invited to the 30th APEC Economic Leaders’ Meeting 2023 as a ‘Guest Economy’. These meetings will focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology and innovation.
One of the key focuses of the visit will be the joint event, co-chaired with US Commerce Secretary, Gina Raimondo on the “India-USA Innovation Handshake Initiative”, with the aim to lift up and connect the two sides’ dynamic startup ecosystems, address specific regulatory hurdles to cooperation, and promote further innovation and job growth, particularly in emerging technologies.
The Commerce and Industry Minister will also participate in the investors’ roundtable along with one-to-one meetings with CEOs. He will also interact with various stakeholders, such as students, entrepreneurs, venture capitalists and the Indian diaspora.
Minister Goyal is expected to interact with globally renowned technology, entrepreneurship, and academic communities in the Bay Area, specifically in the Silicon Valley, to undertake focused discussions with American companies looking to invest or expand in India across sectors: electronics (including semiconductors), technology, and FinTech.
APEC in San Francisco will see some of the most influential world leaders and business executives convene, discuss vital issues, and collectively shape the trajectory of a region that holds immense importance for global prosperity, stability, and sustainability. The summit programme will highlight the potential of collaboration and fresh thinking to build the future through a focus on Sustainability, Inclusion, Resilience, and Innovation.
#WATCH | Union Minister for Commerce & Industry Piyush Goyal holds bilateral meeting with South Korea Trade Minister Ahn Duk-Geun, on the sidelines of the Indo-Pacific Economic Framework (IPEF) in San Francisco pic.twitter.com/L4aPQ5zd8G
— ANI (@ANI) November 14, 2023
This year’s summit will also bring together 20+ leading CEO’s representing companies such as Microsoft Pfizer, Uber, Citibank, Fedex, Exxon Mobil Corp to name a few, many of which, have deep economic interests in the Asia Pacific region and China in particular.
At this summit, Goyal will have a brief informal interaction with President Joe Biden and the former will also be a part of the APEC group photo. Biden will also welcome other APEC leaders, including from Canada’s PM Trudeau and China’s President Xi Jinping.
While in the Bay Area of San Francisco, Goyal will also interact with eminent businesspeople and industry leaders.
The IPEF, launched jointly by the US and other partner countries of the Indo-Pacific region, seeks to strengthen economic engagement among partner countries with the goal of advancing growth, peace, and prosperity in the region.
The meeting would focus on strengthening economic cooperation and enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.
India is committed to a free, open, and inclusive Indo-Pacific region and would work towards deepening economic cooperation among partners for the growth and prosperity of the region. The framework is inclusive and allows flexibility to partner countries to associate with pillars based on their respective priorities, the Ministry of Commerce and Industry said in a statement.
During the visit, the minister would interact with the CEOs of multinationals, the Indian diaspora, the startup community, including venture capitalists, and academia to propel existing trade and investment relations between the Indian and US business communities. The visit would focus on emphasising the attractiveness of India as the most preferred investment destination.
Goyal will hold discussions on the need and potential for closer industrial collaborations, further expand partnerships, and establish trade and investment linkages across priority areas.