Union Minister for Commerce and Industry Piyush Goyal during the Indo-Pacific Economic Framework (IPEF) ministerial meet in Los Angeles on Saturday, September 10, said India will wait for final contours to be decided before formally joining the trade pillar.
“We are in the process of firming up our own digital framework and laws, particularly regarding privacy and data. Therefore, India, while continuing to engage with the trade track in the IPEF, will wait for final contours to be decided before the formal association,” Goyal said as reported by ANI.
“In the meantime, our officials will be participating in the discussions with an open mind and in the best interests of the people of India and businesses in India,” he added.
Speaking further the Commerce and Industry minister said a broader consensus is yet to emerge over certain areas.
“India has engaged very exhaustively in the various streams of discussion on 3 out of 4 pillars related to supply chains, tax and anti-corruption, and clean energy. One pillar that deals with trade, the contours of the framework on commitments required on the environment, labour, the digital trade and public procurement are certain areas in which a broader consensus is yet to emerge,” Goyal was quoted as saying by ANI.
Earlier today, US trade representative Katherine Tai confirmed that India will not be joining the trade pillar, one of the four pillars of the Indo-Pacific Economic Framework (IPEF).
“India is not now in the trade pillar of IPEF, Union Minister for Commerce Piyush Goyal and I have been talking a lot. We have our bilateral structure the Trade Policy Forum, which should be meeting by the end of this year again and we covered the same issues in that bilateral channel and minister we are very close touch,” Tai said.
The Union Minister is on a six-day visit to San Francisco and Los Angeles to attend the first in-person Indo-Pacific Economic Framework (IPEF) ministerial meeting.
(With ANI inputs)