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Decision on India joining IPEF trade pillar linked to return receipt

Fibre2fashion | 15 November 2022

Decision on India joining IPEF trade pillar linked to return receipt

The decision on whether India would join the trade pillar of the 14-member Indo-Pacific Economic Framework for Prosperity (IPEF) would depend on what the country would get in return, commerce and industry minister Piyush Goyal recently said. While 13 IEPF members have joined all four subjects—trade, supply chains, clean economy and fair economy—India has opted out of the trade pillar.

"With regard to joining the trade pillar of IPEF, India decides its strategy on its own terms...If you want binding commitments (from India) on different subjects, tell me what I am getting in return. It has to be good for my people and my country. What you give me in return will determine whether I will join the trade pillar. You negotiate and if we see some advantage, then we will join,” the minister said at a function organised by a media house in New Delhi.

The minister also expressed optimism that India-US bilateral trade in goods and services will reach $500-600 billion by 2030. Bilateral trade stands at about $175 billion now.

The United States is not looking for a new trade pact with any country, the minister said.

IPEF was launched jointly by the United States and other partner countries of the Indo-Pacific region on May 23 this year in Tokyo.

 source: Fibre2fashion