May 23:Prime Minister Shri Narendra Modi participated in an event in Tokyo today to launch the Indo-Pacific Economic Framework for Prosperity (IPEF). The event saw the presence of the President of the USA H.E. Mr. Joseph R. Biden and Prime Minister of Japan H.E. Mr. Kishida Fumio, as well as the virtual presence of leaders of other partner countries viz. Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.
A Joint Statement was issued on the occasion, which highlights 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.
In his comments during the launch ceremony, the Prime Minister said that announcement of IPEF is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth. India has historically been at the center of trade flows in the Indo-Pacific region, having the world’s oldest commercial port in Lohtal, Gujarat. Prime Minister called for finding common and creative solutions to tackle the economic challenges of the Indo-Pacific region.
He expressed India’s commitment to 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 the 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. 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.
With today’s launch, partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals.
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