Need collaborations in areas of strength for IPEF's full potential: Goyal

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Need collaborations in areas of strength for IPEF's full potential: Goyal - Business Standard

Quick Summary:

Commerce and Industry Minister Piyush Goyal on Tuesday said the full potential of the IPEF can only be achieved if partner countries contribute their strengths, such as technology, investment, market potential and skilled workforce, to address supply chain challenges.

Goyal also said that healthcare, including pharmaceuticals and medical devices, is an "extremely" relevant area due to over concentration of global production of APIs and Key Starting Materials which can severely impair supply chain resilience and impact our capacity to address the healthcare needs of our economies.

The ministry said this in a virtual meeting of IPEF (Indo-Pacific Economic Framework for Prosperity) ministers.