Prime Minister Narendra Modi attended an event in Tokyo on Monday to kick-start discussions for an Indo-Pacific Economic Framework for Prosperity (IPEF), in which he stressed that the foundation of resilient supply chains should be 3Ts – trust, transparency and timeliness.
The initiative led by US President Joe Biden saw the participation of Prime Minister of Japan Kishida Fumio, as well as the virtual presence of leaders from other partner countries viz. Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.
A joint statement was issued highlighting key elements of the IPEF.
“IPEF aims to strengthen the economic partnership between participating countries with the aim of increasing resilience, sustainability, inclusiveness, economic growth, fairness and competitiveness in the Indo-Pacific region,” the Ministry of Foreign Affairs (MEA) said in a statement. a statement.
Commenting at the launch ceremony, the Prime Minister said IPEF’s announcement is a statement of a collective desire to make the Indo-Pacific region an engine of global economic growth. India has historically been the center of trade flows in the Indo-Pacific region, with the world’s oldest commercial port in Lothal, Gujarat, said Prime Minister Modi, calling for common and creative solutions to address the Indo-Pacific’s economic challenges. Pacific region. †
He expressed India’s commitment to work with all Indo-Pacific countries for an IPEF that is both inclusive and flexible. He underlined that the foundation of resilient supply chains should be 3Ts: trust, transparency and timeliness.
India is committed to a free, open and inclusive Indo-Pacific region and believes that deepening partner economic engagement is key to continued growth, peace and prosperity. India is eager to work with partner countries under the IPEF and work to promote regional economic connectivity, integration and boost trade and investment in the region.
With the launch of the process to establish the IPEF, partner countries will begin discussions aimed at strengthening economic cooperation and achieving shared goals.