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NEW DELHI: Prime Minister Narendra Modi said on Monday that New Delhi was committed to work with all countries in the Indo Pacific region for an inclusive and resilient economic framework for prosperity, which will also be the engine for global economic growth.
Speaking at the launch of the Indo-Pacific Economic Framework for Prosperity (IPEF) in Tokyo by US President Joe Biden, Modi called for finding common solutions to tackle economic challenges of region.
A statement from Prime Minister’s Office said besides Biden and Japan’s Prime Minister Kishida Fumio, leaders of other partners countries such as Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam, were virtually present.
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, the statement said.
“Announcement of IPEF is a declaration of collective desire to make the Indo-Pacific region an engine of global economic growth," the statement said quoting Modi.
India has historically been at the centre of trade flows in the Indo-Pacific region, having the world’s oldest commercial port in Lohtal, Gujarat, the statement said, adding that Modi called for finding common and creative solutions to tackle economic challenges of the region.
Modi expressed India’s commitment towards working with all Indo-Pacific countries for an IPEF which is both inclusive and flexible. The Prime Minister underlined that the foundation of resilient supply chains must be trust, transparency and timeliness, the statement said.
“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. 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," the statement said.
With Monday’s launch, partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals, the statement said.