Prime Minister Narendra Modi on Monday said that India work with US and other countries to set up ‘inclusive and flexible Indo-Pacific Economic Framework’ (IPEF) as he announces the launch of US initiated IPEF in Tokyo along with 12 other countries.
“The Indo-Pacific Economic Framework is our collective declaration to make the region an engine of global economic growth. I thank President Biden for this important initiative,” PM Modi said during his initial remarks.
He said that the foundation of resilient supply chains must be 3Ts 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 added.
With the launch of the process to establish the IPEF, partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals.
“The Indo-Pacific region is the center of manufacturing, economic activity, global trade and investment,” PM Modi stated.
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.
US President Joseph R Biden and Japanese Prime Minister Kishida Fumio were also present on the occasion.
The event also saw virtual presence of leaders of partner countries — Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, The Philippines, Singapore, Thailand and Vietnam.
Prime Minister Modi, who is in Japan on a two-day visit to attend a summit of the Quad leaders at the invitation of his Japanese counterpart Fumio Kishida, today met several business leaders to boost investments and economic cooperation between India and Japan.