New Delhi:Prime Minister Narendra Modi on Monday said that India will work for a free, open and flexible Indo-Pacific Economic Framework (IPEF). He also pitched for deepening of economic engagement among partners with the aim of achieving the goal of continued growth, peace and prosperity, an official statement said.
Speaking at the launch event of IPEF in Tokyo, PM Modi said the announcement of IPEF is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth. India has historically been at the centre of trade flows in the Indo-Pacific region, having the world's oldest commercial port in Lothal, Gujarat.
The prime minister underlined the need for finding common and creative solutions to tackle the economic challenges of the Indo-Pacific region. He said that the foundation of resilient supply chains must be 3Ts Trust, Transparency and Timeliness. "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," the statement said. 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, it added.
With the launch of the process to establish the IPEF, partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals. 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.