Page 10 - Pef News Today

Azmin Ali, Malaysia’s trade and industry minister, said that now is not the right time to hold a general election because the Southeast Asian nation’s economy ‘is just about recovering’ from the Covid-19 pandemic.

IPEF members were able to share their understanding of the importance of supply chain resilience after disruptions caused by the pandemic and the invasion of Ukraine, the ministers said.

Depending on election results, President Joe Biden could shift his focus to trade and make the fledgling IPEF initiative into a more substantial deal.

We are in the process of firming up our own digital framework and laws, particularly regarding privacy and data

The United States and 13 Indo-Pacific countries including the Philippines on Friday agreed on parameters for negotiating closer trade, environment and economic ties that US Commerce Secretary Gina Raimondo said would boost investment and jobs in the partner countries.

Union Minister for Commerce and Industry Piyush Goyal on Saturday met with the Australian Trade Minister Don Farrell on the sidelines of the Indo-Pacific Economic Framework (IPEF) ministerial summit in Los Angeles.

India is working on a more robust framework to be presented to the parliament soon and this has been much welcomed by the US and businesses in India, Goyal said, , IPEF, Piyush Goyal.

The meeting in Los Angeles is expected to lay out the scope of ensuing negotiations and help clarify which countries will join negotiations for each of four pillars.

A top official on Friday said that India stands for its independent trade policy and added that before going ahead with joining the trade pillar of IPEF New Delhi will observe the pros and cons of the binding commitments.

Since IPEF is not a conventional trade deal, market access and tariff cuts are off the table.