IPEF's Potentials Highlighted by Minister Goyal in Virtual Meet

Commerce and Industry Minister Piyush Goyal emphasized the importance of collaborative efforts among Indo-Pacific Economic Framework for Prosperity (IPEF) member countries to address supply chain challenges. He highlighted the relevance of healthcare and multimodal transport systems, and stressed upon India's robust anti-corruption regime as key contributing factors.

Commerce and Industry Minister Piyush Goyal has stressed the necessity of collaborative efforts among member countries of the Indo-Pacific Economic Framework for Prosperity (IPEF) to fully address supply chain challenges. Speaking at a virtual IPEF ministerial meeting, Goyal called for countries to contribute their strengths, such as technological advancements, investment capacity, market potential, and skilled workforce.

Goyal emphasized the relevance of healthcare, including pharmaceuticals and medical devices, due to the global production concentration of APIs and Key Starting Materials affecting supply chain resilience. He also pointed out the importance of multimodal transport systems, logistics infrastructure upgrades, and technological interoperability among freight and logistics enterprises.

Furthermore, Goyal highlighted India's robust anti-corruption regime and measures promoting tax transparency, which he believes will enhance the fair business environment. The IPEF, comprising 14 countries, aims to foster a cleaner and fairer economy. India signed the agreements on September 22, with implementations beginning in October.

(With inputs from agencies.)