IPEF nations must make collaborative efforts, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said the full potential of the Indo-Pacific Economic Framework for Prosperity (IPEF) could only be realised if partner countries brought their strengths to the table, whether it was technological advancements, investment capacity, market potential or requisite resources including skilled workforce, to address various challenges of supply chain resilience or green transition.

He was speaking at a virtual meeting of IPEF ministers. Healthcare, including pharmaceuticals and medical devices, was an extremely relevant area due to the overconcentration of global production of APIs and Key Starting Materials (KSMs), which could severely impair supply chain resilience and impact our capacity to address the healthcare needs of our economies, he added.