Quad summit sees launch of Indo-Pacific Economic Framework
24 May 2022
A summit of the leaders of the United States, Japan, Australia and India today announced the launch of the Indo-Pacific Economic Framework for Prosperity (IPEF). Prime Minister Narendra Modi participated in the event in Tokyo, which also saw the presence of US President Joseph R Biden, Prime Minister of Japan Kishida Fumio, as well as the virtual presence of leaders of other partners countries, viz, Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.
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, according to a joint statement issued by the leaders.
Prime Minister Modi, in his comments 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 Lohtal, Gujarat. Prime minister called for finding common and 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.
India, he said, 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.
“The Indo-Pacific Economic Framework is a declaration of our collective will to make the region an engine of global economic growth. I thank President Biden very much for this important initiative. 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,” Prime Minister Modi said.
“India will work with all of you to build an inclusive and flexible Indo-Pacific Economic Framework, “ he said, even as he emphasised on three main pillars of resilient supply chains: 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,” he added.