India was among first twelve partners that joined in Tokyo Monday for the Indo-Pacific Economic Framework for Prosperity (IPEF), a new economic plan proposed by US President Joe Biden to counter China’s developing impact in the world through integrated, versatile and clean economies.
Supporting the drive, PM Narendra Modi focused on working with all Indo-Pacific nations for a comprehensive and adaptable IPEF while likewise pronouncing that the groundwork of supply chains, a significant center region for the Framework that will obviously give an option in contrast to China’s way to deal with financial issues, should be 3Ts – trust, transparency and timeliness.
“I am confident that this framework will help strengthen these three pillars, and pave the way for development, peace and prosperity in the Indo-Pacific region,” said Modi.
The first thirteen partner countries are US, India, Japan, Australia, New Zealand, South Korea and 7 ASEAN nations – together account for 40 per cent of world GDP. Biden said they were writing the new rules for the 21 st century economy that will help their economies grow faster and fairer.
Modi was thankful to Biden for this great initiative,, and said `”The Indo-Pacific region is the centre of manufacturing, economic activity, global trade and investment. History is witness to the fact that India has been a major centre in the trade flows of the Indo-Pacific region for centuries. It is worth mentioning that the world’s oldest commercial port was in Lothal in my home state of Gujarat, India. Therefore, it is essential that we find common and creative solutions for the economic challenges of the region.”
Inviting the drive, the India government, said in an articulation that the IPEF, charged as the main monetary commitment that the US has had in the Indo-Pacific, will attempt to fortify financial association among taking an interest nations with the target of improving versatility, maintainability, comprehensiveness, financial growth and development, fairness and competitiveness in the Indo-Pacific area.
“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. 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,” said the MEA, including that with the launch on Monday, accomplice nations will start conversations zeroing in on reinforcing economic collaboration and accomplishing shared objectives.