US welcomes India’s participation in Indo-Pacific Economic Framework

India’s participation in the Indo-Pacific Economic Framework for prosperity (IPEF) has been welcomed by the US.

US and India held the 13^th Ministerial-level meeting of the United Sates-India Trade Policy Forum (TPF) in Washington. US Trade Representative Ambassador Katherine Tai and Minister of Commerce and Industry Piyush Goyal co-chaired the meeting. Several issues of mutual interest were discussed by both the leaders.

“Ambassador Tai and Minister Goyal fully support the IPEF initiative and believe that deepening economic engagement among partner countries is crucial for continued growth, peace, and prosperity in the Indo-Pacific region, adding that the IPEF will bring tangible benefits to the region,” read the joint statement on the United States-India Trade Policy Forum.

The ministers emphasised the TPF’s importance in developing strong bilateral trade links and strengthening the bilateral economic relationship to the benefit of working people in both nations.

“They appreciated that bilateral trade in goods and services continued to rise rapidly and reached about USD 160 billion in 2021,” the statement added.

The work done by the TPF working groups since the 12th TPF Ministerial was highlighted by the ministers. They reaffirmed the significance of the particular trade problems listed in the 2021 TPF Joint Statement for both India and the United States and ordered that efforts be made to move those issues toward resolution, with frequent stock-takings of progress by the ministers and their senior staff.

In addition, they expressed their shared desire to continue working constructively at the WTO, particularly on WTO Ministerial Decisions, in order to achieve concrete, attainable, and significant objectives. They also appreciated the conclusions reached at the WTO’s Twelfth Ministerial Conference.