Modi assures India’s commitment towards working with Indo-Pacific countries under IPEF
Prime Minister Narendra Modi has called for finding common and creative solutions to tackle economic challenges of the Indo-Pacific region where India has been historically centre of trade flows.
The announcement of Indo-Pacific Economic Framework for Prosperity (IPEF) is a declaration on 23 May 2022 of a collective desire to make the Indo-Pacific region an engine of global economic growth, said Modi.
He joined President Joseph R. Biden and Prime Minister Kishida Fumio, as well as through virtual presence of leaders of other partners countries viz. Australia, Brunei, Indonesia, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam at the IPEF declaration in Tokyo.
“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,” Modi highlighted.
A Joint Statement was issued, highlighting the key elements envisaged within the IPEF.
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.
Modi 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 is committed to a free, open and inclusive Indo-Pacific region and believes that deepening economic engagement among partners is crucial for continued growth, peace and prosperity, he said.
India is 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, the Prime Minister assured.
With the launch of the process today (23 May 2022) to establish the IPEF, partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals. fiinews.com
