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Visiting Prime Minister Narendra Modi on Monday participated in an event in Tokyo to launch the Indo-Pacific Economic Framework for Prosperity (IPEF).
New Delhi, May 23: Visiting Prime Minister Narendra Modi on Monday participated in an event in Tokyo to launch the Indo-Pacific Economic Framework for Prosperity (IPEF).
The event was also attended by US President Joe Biden, Japanese Prime Minister Fumio Kishida, as well as the virtually by leaders of Australia, Brunei, Indonesia, South 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.
At the occasion, a joint statement was issued which highlights the key elements envisaged within the IPEF.
In his comments during the launch ceremony, Modi said that the 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 at Lohtal in Gujarat," the Prime Minister said.
He further called for finding common and creative solutions to tackle economic challenges of the Indo-Pacific region.
Expressing India's commitment towards working with all Indo-Pacific countries for an IPEF which is both inclusive and flexible, he further said that the foundation of resilient supply chains must be 3T's: Trust, Transparency and Timeliness.
Noting that 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, Modi also said that 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 Monday's launch, partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals, the Ministry of External Affairs said in a statement.
Modi arrived in Tokyo on Monday morning on a two-day visit at the invitation of his Japanese counterpart.
He will participate in the third Quad Leaders' Summit in Tokyo on Tuesday along with President Biden, Kishida and Australian Prime Minister Anthony Albanese.
Modi and Kishida will also hold a bilateral meeting on Tuesday.