Union Minister Piyush Goyal to visit US to attend Ministerial meeting of Indo-Pacific Economic Framework.

• Commerce and Industry Minister Piyush Goyal will visit San Francisco and Los Angeles in USA to attend the first ever in-person Ministerial meeting of the Indo-Pacific Economic Framework (IPEF).
• Goyal will also attend the India-US Strategic Partnership Forum conference.
• 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.
• During the six-day visit, Mr. Goyal will also interact with eminent business persons, US officials, and industry leaders to fortify the partnership between the two nations and strengthen trade and economic ties.
• India and the United States enjoy a comprehensive global strategic partnership covering almost all areas of human endeavor, driven by shared democratic values, convergence of interests on a range of issues, and vibrant people-to-people contacts.
• The Ministry said, regular exchanges at the leadership level have been an integral element of the expanding bilateral engagement.
• The outcomes emerging from these visits have been instrumental in further strengthening the multifaceted ties between the two countries.

What is the Indo-Pacific Economic Framework (IPEF)?

• The Indo-Pacific Economic Framework (IPEF) was launched by United States (US) President Biden in Tokyo on May 23, 2022.
• The IPEF has four pillars: Trade; supply chains; clean energy, decarbonisation and infrastructure; tax and anti-corruption.
• IPEF will have a total of 13 nations as its members.
• The grouping contains Seven of the Association of Southeast Asian Nations’ (ASEAN) members, all four QUAD countries, South Koreaand New Zealand, which account for around 40% of global GDP.
• Myanmar, Cambodia, and Laos, three ASEAN countries considered closer to China, are not members of the IPEF.