PM Modi joins US President Biden in launching the Indo-Pacific Economic Framework, which includes 12 countries

“Prime Minister Narendra Modi attended an event in Tokyo today to kick off discussions for an Indo-Pacific Economic Framework for Prosperity (IPEF),” according to the Ministry of External Affairs (MEA).

Leaders from other partner countries, including Australia, Brunei, Indonesia, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam, were also present virtually.

According to the MEA, the IPEF seeks to strengthen economic partnership among participating countries with the goal of improving the Indo-Pacific region’s resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness.

Prime Minister Modi stated during the launch ceremony that the IPEF is a declaration of a collective desire to make the Indo-Pacific region a driver of global economic growth.

The Prime Minister urged finding common and creative solutions to the Indo-Pacific region’s economic challenges.

He also stated India’s intention to collaborate with all Indo-Pacific countries to create an IPEF that is both inclusive and flexible.

According to the MEA, he emphasised that the foundation of resilient supply chains must be three Ts: trust, transparency, and timeliness.

“India is committed to a free, open, and inclusive Indo-Pacific region and believes that deepening economic engagement among partners is critical for continued growth, peace, and prosperity,” according to the MEA.

“With the launch of the IPEF process today, partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals,” the statement added.