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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.