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Creative solutions needed to tackle economic challenges in Indo-Pacific: PM Modi in Tokyo PM Modi

Creative solutions needed to tackle economic challenges in Indo-Pacific: PM Modi in Tokyo

India Blooms News Service | @indiablooms | 23 May 2022, 08:47 pm

New Delhi/IBNS: Prime Minister Narendra Modi Monday participated in an event in Tokyo to launch the Indo-Pacific Economic Framework for Prosperity (IPEF).

The event saw the presence of US President Joe Biden and Japan Prime Minister Kishida Fumio.

Leaders of other partner countries such as Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam were present virtually.

A joint statement was issued on the occasion, which highlights the key elements envisaged within the IPEF.

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.

In his comments during the launch ceremony, Prime Minister said that announcement of IPEF is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth.

He said 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 Indo-Pacific region is the center of manufacturing, economic activity, global trade and investment. History is witness to the fact that India has been a major center in the trade flows of the Indo-Pacific region for centuries. It is worth mentioning that the world's oldest commercial port was in Lothal in my home state of Gujarat, India," he said.

PM Modi called for finding common and creative solutions to tackle the economic challenges of the Indo-Pacific region.

"It is essential that we find common and creative solutions for the economic challenges of the region," he said.

PM Modi expressed India’s commitment towards working with all Indo-Pacific countries for an IPEF which is both inclusive and flexible.

He underlined that the foundation of resilient supply chains must be 3T’s – Trust, Transparency and Timeliness.

"India will work with all of you to build an inclusive and flexible Indo-Pacific Economic Framework. I believe that there should be three main pillars of resilient supply chains: Trust, Transparency and Timeliness," said the PM.

"I am confident that this framework will help strengthen these three pillars, and pave the way for development, peace and prosperity in the Indo-Pacific region," he added.

He 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," he added.

With this launch, partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals.