Biden specifically mentioned India, stating that it is set to play a pivotal role in the global initiative to strengthen the semiconductor supply chain. Besides India, Biden mentioned India, Japan, South Korea and Singapore as crucial partners for strengthening the critical semiconductor industry.

Goyal also met US Secretary of Treasury, Janet Yellen. The Commerce Minister also met with Peru’s Minister of Foreign Trade and Tourism Juan Carlos Mathews. The two leaders discussed the progress of the Free Trade Agreement (FTA) negotiations between India and Peru. He also met Japanese PM Fumio Kishida.

Biden made America’s case to national leaders and CEOs attending the Asia-Pacific summit that the US was committed to high standards in trade and to partnerships that will benefit economies across the Pacific. “We’re not going anywhere,” he declared.

Fresh off his meeting with Chinese President Xi Jinping, Biden also told business leaders that the US was “de-risking and diversifying” but not “decoupling” from Beijing. But he did not mince words in suggesting the US and friends in the Pacific could offer businesses a better option than China. According to Biden, the 14 Indo-Pacific Economic Framework members had reached a consensus on three crucial initiatives on supply chains, clean energy transitions and the clean economy which would drive them to the top on standards, transparency, inclusivity and innovation.

(With inputs from agencies)