‘Nations need to collaborate their strengths to achieve full potential’

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.

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

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.

Besides, the multimodal transport systems, upgrades of logistics infrastructure, enhanced technological interoperability and data flows among freight and logistics enterprises, are some of the key areas which need to be focused upon, he said.