Commerce Minister Piyush Goyal is set to visit San Francisco later this month to strengthen economic ties between India and the United States. His visit includes participation in the Indo-Pacific Economic Framework for Prosperity (IPEF) meeting, a summit of 14 countries aimed at enhancing trade and cooperation in the Indo-Pacific region.
Goyal expressed his excitement about the upcoming visit, highlighting the US and India’s joint efforts in fostering innovation and supporting young talent in India. The minister commended the potential for collaboration in areas such as technology and artificial intelligence (AI), noting that AI could be a game-changer in addressing poverty and delivering services to remote parts of the country.
The IPEF, launched by the US and partner countries in the Indo-Pacific region, represents a significant portion of global GDP and trade. It focuses on four key pillars: trade, supply chains, clean economy, and fair economy. India has already joined three of these pillars and is actively engaged in negotiations to sign separate agreements on each area.
Goyal also discussed the government’s efforts to strengthen the startup ecosystem in India. With the number of government-registered startups increasing from 450 in 2016 to approximately 1.15 lakh at present, the minister emphasized the need to provide fiscal and non-fiscal incentives to support these startups. He further mentioned the government’s plans to establish a new innovation fund, with guidelines for the fund expected to be released soon.
The upcoming visit to San Francisco provides an opportunity for India and the US to further enhance their economic ties and promote collaboration in innovation and technology. As both countries continue to prioritize economic growth and development, exploring avenues for partnership in areas like AI will play a crucial role in driving progress and benefiting their respective populations.
In summary, Commerce Minister Piyush Goyal’s visit to San Francisco aims to strengthen economic ties between India and the US. The minister will participate in the IPEF meeting and explore opportunities for collaboration in innovation, particularly in the field of AI. The visit underscores the importance of fostering strong relationships with global partners to drive economic growth and technological advancement.