PM Modi participates in Indo-Pacific Economic Framework for Prosperity launch

Prime Minister Narendra Modi attended the launch of the Indo-Pacific Economic Framework for Prosperity (IPEF) in Tokyo. US President Joe Biden and Japanese Prime Minister Fumio Kishida were also present. Leaders of Australia, Brunei, Indonesia, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam participated in the event virtually.

PM Modi said the IPEF is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth. He added that India has historically been at the centre of trade in the Indo-Pacific region.

The IPEF is a plan to strengthen economic partnerships amongst participating countries. It also focuses on enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.

The Indian Prime Minister called for initiatives to find common and creative solutions to tackle the economic challenges of the region. He also recounted the country's commitment to working with Indo-Pacific countries for an IPEF which is both inclusive and flexible. The nation leader added that the foundation of resilient supply chains is trust, transparency, and timeliness.

Modi said the country is open to a free, open, and inclusive Indo-Pacific region. "I believe that economic engagement among partners is crucial for continued growth, peace, and prosperity". He further said that India is keen on collaborating with partner nations under IPEF and advancing regional economic connectivity, integration, and boosting trade and investment.

The Ministry of External Affairs issued a statement saying partner nations will be discussing strengthening economic cooperation and achieving shared goals.

Modi is in Tokyo at the invitation of the Japanese Prime Minister on a two-day visit. Tomorrow, he will be participating in the third Quad Leaders' Summit along with US President Biden and Australian PM Anthony Albanese.

He arrived in Japan this morning and met three major industrialists of the country - Nobuhiro Endo (the Chairman of NEC Corporation), Osamu Suzuki (senior advisor of the Suzuki Motor Corporation), and Tadashi Yanai (CEO of Uniqlo). The PM invited them to strengthen their investments in India.

China has repeatedly expressed displeasure over the alliance and alleged that it will disrupt peace in the region.