https://sputnikglobe.com/20220908/india-lists-priorities-ahead-of-first-ministerial-meeting-of-us-led-indo-pacific-economic-forum-1100528530.html
India Lists Priorities Ahead of First Ministerial Meeting of US-led Indo-Pacific Economic Forum
India Lists Priorities Ahead of First Ministerial Meeting of US-led Indo-Pacific Economic Forum
Sputnik International
The Indo-Pacific Economic Forum (IPEF) was launched in May on the sidelines of the Tokyo Quad Summit. Member countries of the IPEF such as Indonesia and... 08.09.2022, Sputnik International
2022-09-08T11:17+0000
2022-09-08T11:17+0000
2022-09-08T11:17+0000
india
indo-pacific
indo-asia-pacific region
southeast asia
indonesia
malaysia
trade
economy
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piyush goyal
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Indian Commerce and Trade Minister Piyush Goyal on Thursday urged IPEF members to ensure an uninterrupted supply of goods and services among themselves, "particularly when conditions had descended into chaos such as during COVID and times of conflict".In an apparent dig at the US, Goyal highlighted the difficulties faced by businesses and people because of restrictions imposed by countries during the COVID period. The Biden administration delayed the supply of raw materials to make the COVID-19 vaccine, threatening to slow India's vaccination drive. Washington had defended its move by saying that its first obligation was to take care of the needs of the American people.Speaking before the first ministerial meeting of the IPEF in Los Angeles on Friday, the trade minister of the world's fifth-largest economy said that discussions would focus on facilitating open trade and keeping supply chains open."IPEF would work to ensure that the Indo-Pacific Region would remain secure and open for business," the minister said.IPEF covers about 40 percent of the global gross domestic product.He added that all the members have a lot to offer each other in terms of trade, investments, and technology, and "we will work together on all fronts".Initiated by the US, the IPEF has 13 other participating countries: India, Japan, South Korea, Philippines, Australia, New Zealand, Fiji, Indonesia, Brunei, Malaysia, Singapore, Thailand, and Vietnam.Although the US announced the framework amid China's growing economic and military presence in the Asia-Pacific, the US did not explain what the forum's purpose was, leaving member countries uncertain and cautious.Member countries have insisted that they would not allow the forum to be used against any particular country, namely China, with whom Southeast Asian countries have strong economic relationships.On Wednesday, the US indicated that it would prioritize non-tariff issues during the meeting, which could allow market access for American exporters.US Commerce Secretary Gina Raimondo has acknowledged that Nancy Pelosi's trip to Taiwan had made geopolitics with China "particularly complicated". Pelosi's visit to Taiwan in July angered China, describing it as provocative behavior and against the "One China Policy".To avoid complications in negotiations, the US said that it would not force members to choose sides between Washington and Beijing.
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Rishikesh Kumar
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india, indo-pacific, indo-asia-pacific region, southeast asia, indonesia, malaysia, trade, economy, free trade, piyush goyal
india, indo-pacific, indo-asia-pacific region, southeast asia, indonesia, malaysia, trade, economy, free trade, piyush goyal
India Lists Priorities Ahead of First Ministerial Meeting of US-led Indo-Pacific Economic Forum
The Indo-Pacific Economic Forum (IPEF) was launched in May on the sidelines of the Tokyo Quad Summit. Member countries of the IPEF such as Indonesia and Malaysia insisted that the platform should not be used to initiate rivalry in the region.
Indian Commerce and Trade Minister Piyush Goyal on Thursday urged IPEF members to ensure an uninterrupted supply of goods and services among themselves, "particularly when conditions had descended into chaos such as during COVID and times of conflict".
In an apparent dig at the US, Goyal highlighted the difficulties faced by businesses and people because of restrictions imposed by countries during the COVID period.
The Biden administration delayed the supply of raw materials to make the COVID-19 vaccine, threatening to slow India's vaccination drive. Washington had defended its move by saying that its first obligation was to take care of the needs of the American people.
Speaking before the first ministerial meeting of the IPEF in Los Angeles on Friday, the trade minister of the world's fifth-largest economy said that discussions would focus on facilitating open trade and
keeping supply chains open."IPEF would work to ensure that the Indo-Pacific Region would remain secure and open for business," the minister said.
IPEF covers about 40 percent of the global gross domestic product.
He added that all the members have a lot to offer each other in terms of trade, investments, and technology, and "we will work together on all fronts".
Initiated by the US, the IPEF has 13 other participating countries: India, Japan, South Korea, Philippines, Australia, New Zealand, Fiji, Indonesia, Brunei, Malaysia, Singapore, Thailand, and Vietnam.
Although the US announced the framework amid
China's growing economic and military presence in the Asia-Pacific, the US did not explain what the forum's purpose was, leaving member countries uncertain and cautious.
Member countries have insisted that they would not allow the forum to be used against any particular country, namely China, with whom Southeast Asian countries have strong economic relationships.
On Wednesday, the US indicated that it would prioritize non-tariff issues during the meeting, which could allow market access for American exporters.
US Commerce Secretary Gina Raimondo has acknowledged that Nancy Pelosi's trip to Taiwan had made geopolitics with China "particularly complicated". Pelosi's visit to Taiwan in July angered China, describing it as provocative behavior and against the "One China Policy".
To avoid complications in negotiations, the US said that it would not force members to choose sides between Washington and Beijing.
