Tokyo/ New Delhi, May 23, (UNI) Prime Minister Narendra Modi on Monday participated in the Indo-Pacific Economic Framework for Prosperity (IPEF) and said India will work with the US and other partners to create an inclusive and flexible Indo-Pacific Economic Framework. The US-led pact aims to bolster trade among participating countries and is seen as a move to counter China’s aggressive expansion in the region. The event saw the presence of US President Joe Biden and Japan Prime Minister Kishida Fumio as well as the virtual presence of leaders of other partners countries including Australia, Brunei, Indonesia, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.
“The IPEF seeks to strengthen economic partnership amongst participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness and competitiveness in the Indo-Pacific region,” the Indian Prime Minister’s Office said. In his comments at the launch ceremony, Modi said the announcement of IPEF was a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth. “India has historically been at the centre of trade flows in the Indo-Pacific region, having the world’s oldest commercial port in Lothal, Gujarat,” he said.
The Prime Minister called for finding common and creative solutions to tackle economic challenges of the Indo-Pacific region. He expressed India’s commitment towards working with all Indo-Pacific countries for an IPEF which is both inclusive and flexible. He underlined that the foundation of resilient supply chains must be 3T’s – Trust, Transparency and Timeliness. India was committed to a free, open, and inclusive Indo-Pacific region and believes that deepening economic engagement among partners was crucial for continued growth, peace, and prosperity.
India was keen to collaborate with partner countries under the IPEF and work towards advancing regional economic connectivity, integration and boosting trade and investment within the region. With the launch of the process to establish the IPEF, partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals.