US Trade Representative Katherine Tai on Thursday said that Indo-Pacific Economic Framework for Prosperity (IPEF) presented an opportunity to deepen the partnerships with member countries and will also address the challenges collectively.
"While we all are dealing with economic challenges, the IPEF and our meeting over course of the next two days present us with an opportunity to deepen our partnerships and work collectively to address these challenges," Ambassador Tai said ahead of the discussions.
She further said, "The IPEF also allows us to work together to build a platform to address future challenges and bring sustainable and equitable growth to the Indo-Pacific region."
Ambassador Tai recalled the IPEF's initial time, when it was launched in May, and said that the framework was based on shared priorities and values including combating climatic change, protecting labour rights and building resilient supply chains and we have made a lot of progress.
"We are here in person to continue our momentum to fill in the details of our shared vision on issues like digital economy, labour, environment and agriculture and trade facilitation," she added.
Meanwhile, Union Minister Piyush Goyal, who is in Los Angeles to attend the India-US Strategic Partnership Forum conference and PEF ministerial meeting, had met Ambassador Tai ahead of the meeting.
The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched jointly by the USA and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo. India joined the IPEF and Prime Minister Narendra Modi attended the launch event along with US President Joe Biden, Japanese Prime Minister Kishida Fumio and other leaders from partner countries. Previously, virtual Ministerial Meetings were held immediately after the launch on May 23 and thereafter from July 26-27, 2022.
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.
IPEF, a group of 13 countries, is a multilateral economic framework. In recent times, India is seen as focusing on bilateral free trade agreements instead of multilateral ones.
( With inputs from ANI )
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