PM Modi underlines 3Ts for resilient supply chains at Indo Pacific Economic Framework meet
23 May 2022 15:16:29
Tokyo, May 23: Prime Minister Narendra Modi participated in an event in Tokyo today to launch discussions for an Indo-Pacific Economic Framework for Prosperity (IPEF). The IPEF seeks to strengthen economic partnership amongst participating countries with objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness & competitiveness in Indo-Pacific region.
The rollout of IPEF by Biden is expected to send across a signal that the US is focused on pushing forward a strong economic policy for the Indo-Pacific to counter China's aggressive strategy on trade in the 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.
He added taht India is committed to a free, open & inclusive Indo-Pacific region and believes that deepening economic engagement among partners is crucial for continued growth, peace, and prosperity. India is keen to collab with partner countries under IPEF and work towards advancing regional economic connectivity, integration and boosting trade and investment within the region.
The IPEF is an initiative aimed at deeper cooperation among like-minded countries in areas like clean energy, supply-chain resilience and digital trade.
A Joint Statement was issued, highlighting key elements envisaged within IPEF. The event was also attended by President of the USA H.E. Joseph Biden and Prime Minister of Japan H.E. Kishida Fumio, and the virtual presence of leaders of other partners countries viz. Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand & Vietnam.
The rollout of IPEF by Biden is expected to send across a signal that the US is focused on pushing forward a strong economic policy for the Indo-Pacific to counter China's aggressive strategy on trade in the region.
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PM Modi, during the launch ceremony, said that the 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 centre of trade flows in the Indo-Pacific region, having the world’s oldest commercial port in Lothal, Gujarat. He called for finding common & 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.
He added taht India is committed to a free, open & inclusive Indo-Pacific region and believes that deepening economic engagement among partners is crucial for continued growth, peace, and prosperity. India is keen to collab with partner countries under IPEF and work towards advancing regional economic connectivity, integration and boosting trade and investment within the region.