ANI
US President Joe Biden announced significant developments in the Indo-Pacific Economic Framework (IPEF) on Thursday. He said that crucial initiatives proposed by the United States and supported by the 13 Asia-Pacific Economic Cooperation (APEC) partners will see some major advancements.
India’s Commerce and Industry Minister Piyush Goyal was the country’s representative to the Summit and was present when Biden delivered the speech on stage.
The Indo-Pacific Economic Framework involves Australia, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, and the United States.
"Today we're announcing progress on the important initiative that we proposed with 13 of my colleagues here and of 13 APEC partners, the Indo-Pacific Economic Framework,” Biden said at the Indo-Pacific Economic Framework Family Photo.
Biden also mentioned that the negotiations on this framework were launched in May 2022 in Tokyo, Japan. “We still have more work to do, but we've made substantial progress," President Biden added.
#WATCH | San Francisco: US President Joe Biden participates in the Indo-Pacific Economic Framework family photo. pic.twitter.com/EC9LPyarf6
— ANI (@ANI) November 17, 2023
Highlighting the discussions with the 21 APEC economies in the meeting he said “A three-hour meeting with all 21 APEC economies, discussing how to generate more growth and more opportunity in the region, particularly to deal with climate change.”
#WATCH | San Francisco: At the Indo-Pacific Economic Framework, US President Joe Biden says, "A three-hour meeting with all 21 APEC economies, discussing how to generate more growth and more opportunity in the region, particularly to deal with climate change. Today we're… pic.twitter.com/leYt4JmWc0
— ANI (@ANI) November 17, 2023
Earlier in the day, Biden reaffirmed the United States' "commitment to strengthening" the semiconductor supply chain, with a special emphasis on collaborative efforts with key nations, including India.
President Biden also underscored the importance of working together with India, Japan, the Republic of Korea, and Singapore to strengthen the critical semiconductor industry.
India, specifically mentioned by President Biden, is set to play a pivotal role in this global initiative. The strengthened partnership between the United States and India in the semiconductor domain not only signifies the mutual commitment to technological advancement but also underscores the strategic importance of India as a key player in the global technology landscape.
The United States is committed to an Indo-Pacific that is free and open, connected, prosperous, secure, and resilient. To help realize that future, the Partnership for Global Infrastructure and Investment (PGI) and Indo-Pacific Economic Framework for Prosperity (IPEF), will work with IPEF partners and the private sector to scale high-standard investments, create more resilient economies, and drive long-term sustainable development, a White House Factsheet stated.
(With ANI inputs)
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