AMCHAM conducted a webinar on ‘India’s Leadership in Global Value Chains: IPEF Pillar II Perspective’ with members across all verticals on June 23rd with Mr. Rajesh Agrawal, Additional Secretary, Ministry of Commerce, Government of India and Mr. Tapan Mazumder, Additional Secretary DGFT, Ministry of Commerce, Government of India. This event was organized as a follow up to the participation of Mr. Piyush Goyal, Union Minister for Commerce and Industry, in the second Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting hosted by the U.S. in Detroit in May 2023. The meeting focused on the IPEF’s Supply Chain Pillar as a key area of engagement between the U.S. and India.
Both officials gave detailed presentations covering the following:
- The objective of the framework is to promote trade and investment among the 14 partner countries to stimulate economic growth.
- The supply chain agreement negotiations have made progress and are expected to be operationalized in the next 3 to 4 months.
- The supply chain pillar includes a supply chain council, a labor rights advisory board, and an emergency system to handle supply chain crises.
- Collaboration and investment in critical sectors and key goods are highlighted to avoid overdependence and disruptions.
- The development of a seamless regional trade ecosystem through harmonization of standards and regulations is mentioned to facilitate trade and drive growth in the region.
This was the first time the Additional Secretary DGFT was addressing U.S. companies in India and he looks forward to continued interactions in future.
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