India joins and signs Indo-Pacific synergy growth

By Our Special Correspondent

Narendra Modi , Prime Minister on Monday joined US President Joe Biden in the launch of a US-initiated trade framework. It aimed at deeper cooperation among like-minded countries in areas like clean energy, supply-chain resilience and digital trade. The rollout of the Indo-Pacific Economic Framework for Prosperity (IPEF) by the US came as part of Washington's efforts to push forward a strong economic policy for the Indo-Pacific to counter China's aggressive strategy on trade in the region.

It covers half the population of the world and more than 60% of the global GDP. “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. India is all set towards working with all Indo-Pacific countries for an IPEF which is both inclusive and flexible. The foundation of resilient supply chains must be 3Ts — Trust, Transparency and Timeliness,” Modi said.

The event also saw virtual presence of leaders of other partner countries such as Australia, Brunei, Indonesia, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.

Biden said, “The nations represented here today and those who will join this framework in future are signing up to work towards an economic vision that will deliver for all peoples. The vision for Indo-Pacific is free and open’.

It was said that 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.

The Prime Minister Narendra Modi called for finding common and creative solutions to tackle economic challenges of the Indo-Pacific region. He also expressed India's commitment towards working with all Indo-Pacific countries for an IPEF which is both inclusive and flexible.

He said that the foundation of supply chains must be 3T's - Trust, Transparency and Timeliness, the MEA said. The IIA was signed by Foreign Secretary Vinay Mohan Kwatra and US CEO of International Development Finance Corporation (DFC) Scott Nathan. The IIA is a legal requirement for DFC, which covers various programmes, including debt, investment guarantee, investment insurance or reinsurance, and feasibility studies for potential projects and grants.