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India to join hands with Indo-Pacific partners for the launch of IPEF

On Monday, Prime Minister Narendra Modi said that India would be working with the United States and other allies to develop an Indo-Pacific Economic Framework that is both inclusive and flexible. This statement came after the nation joined hands with the new US-led trade strategy aimed at countering China’s aggressive regional expansion. 13 countries will participate in the inauguration of the Indo-Pacific Economic Framework for Prosperity, or IPEF, according to US President Joe Biden and Japanese Prime Minister Fumio Kishida during a news conference in Tokyo. 

 

Expressing his thoughts at the launch event, PM Modi said IPEF is a statement of a shared desire to make the Indo-Pacific region the engine of world economic growth. He further thanked Joe Biden for starting such an important initiative and talked about the importance of searching for solutions to get rid of the financial issues faced by regions and the need to implement a few new policies. 

 

PM Modi said in Hindi, “India and the other nations will be working together to establish an inclusive and flexible IPEF. I hope that this framework will help strengthen the three pillars and surely put the Indo-Pacific region on the way to progress, peace, and prosperity. “

 

Narendra Modi observed that the Indo-Pacific region has been the center of manufacturing economic activities, trade, and investments and that India acts as an important center for trade activities in this region. He also brought light to the fact that the oldest Indian commercial port was located at Lothal in his home state of Gujarat. 

 

Earlier Joe Biden described IPEF as a “commitment to working with our close friends and partners in the region on challenges that matter most to ensure economic competitiveness in the 21st Century”.

 

Other than India and the USA, the other nations that are the partner countries for the launch of IPEF are Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Australia, Brunei, New Zealand, Vietnam, and Thailand. 

 

By TIS Staffer
the authorBy TIS Staffer

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