India was among 13 “initial partners” in Tokyo that signed up for the Indo-Pacific Economic Framework for Prosperity (IPEF), a fresh economic arrangement proposed by US President Joe Biden to counter China’s growing influence in the region with integrated, resilient and clean economies.
Endorsing the initiative, Prime Minister Narendra Modi committed to working with all Indo-Pacific countries for an inclusive and flexible IPEF while also declaring that the foundation of resilient supply chains, a major focus area of the Framework that will apparently provide an alternative to China’s approach to “critical” economic issues, must be the 3Ts – trust, transparency and timeliness.
“I am confident this framework will help strengthen these three pillars and pave the way for development, peace and prosperity in the Indo-Pacific region,” Modi said. The 13 initial partner countries - US, India, Japan, Australia, New Zealand, South Korea and seven Asean nations - together account for 40% of world GDP. Biden said they were writing new rules for the 21st century economy that will help the economies of the partner countries grow faster and fairer.
In his remarks, Modi, who was present at the launch along with Biden and Japanese PM Fumio Kishida, thanked the US President for the initiative and said the IPEF was a declaration of “our collective will” to make the region an engine of global economic growth.
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. Welcoming the initiative, the Indian government said in a statement that the IPEF, billed as the most significant economic engagement the US has had in the Indo-Pacific, will work to strengthen economic partnership amongst participating countries with the objective of enhancing "resilience, sustainability, inclusiveness, economic growth, fairness and competitiveness in the IndoPacific region”. “India is committed to a free, open, and inclusive Indo-Pacific region,” said the MEA.
PM Modi meets Japanese CEOs
PM Narendra Modi met top executives and CEOs of 34 Japanese companies in Tokyo and urged them start manufacturing in India, not only for meeting the domestic demand, but also for the world markets. “Our conversations ranged from innovation to investments, tech to textiles, reforms to startups. There is great enthusiasm towards India and there is great appreciation for the entrepreneurial skills of India’s youth,” the PM said. He apprised the business leaders of the reforms undertaken by India, especially steps taken to improve the ease of doing business.
