Prime Minister Narendra Modi, on his two-day visit to Tokyo, had a meet with US President Joe Biden, Japanese Prime Minister Fumio Kishida, and US Secretary of State Anthony Blinken and launched the Indo-pacific economic framework.
To counterpart China’s strategic footprint, in the Indo-Pacific region, the framework was launched on Monday by India and the other 12 countries. As claimed, this framework will enhance resilience, sustainability, inclusiveness, economic growth, fairness and competitiveness.
Moreover, it would be able to strengthen the economic partnership in the region. This initiative a day before, before the quad summit. Among the prominent leaders, various officials joined in virtually including officials from Australia, Brunei, Indonesia, republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.
PM stated that the Framework will strength and supply chain pillars that are- trust, transparency and timeliness. Issuing statements, PM said that the Indo-pacific region would be the centre of manufacturing, economic activity, global trade and investment. As the Indo Pacific region covers, half the population of the world, this economic vision would be delivered for all people.
This economic cooperation was revealed by the use president Joe Biden. It was revealed as a collective effort to counter the rising influence of China in the Indo-Pacific region. The Quad leaders are working collectively in order to exclude China. The initiative seeks greater economic engagement between the countries of Indo-Pacific region. It’s an economic initiative away from China.
The launch of the framework will work out to make the region as 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 at Lohtal in Gujarat,” the Prime Minister said.
Naturally, China was against the potential framework and stated that the US has launched this regional economic hegemony and to deliberately exclude specific countries.
As three of the Quad leaders, the sufferers of Chinese coercion in various aspects, they countered China through this framework.
As a part of the initiative, the Quad leaders have played to resume vaccine production, and eat for Indo Pacific countries to purchase vaccines. The Indo-pacific region, stretches From The pacific coastline to the Indian Ocean. It consists of nearly two thirds of the world economy. The initiative will focus on every corner of the region. The coercion of people’s Republic of China, is most acute in the Indo Pacific region. The Indo-pacific framework will allow more reliable partners for businesses.
The four pillars of the framework will include:-
- Trade– the effort will include free and fair-trade commitment to develop new approaches as a set of objectives in the economic activity and investment, which will provide sustainability and inclusivity.
- Supply chains– the sustainability in the supply chains will become more resilient and well-integrated. It will improve the transparency, diversity and security to ensure business continuity.
- Clean Energy, decarbonization and infrastructure- the Framework plans to accelerate the deployment of Clean Energy and decarbonize the economies. It will support the development of the sustainable and durable infrastructure.
- Tax and Anti-cooperation- it will enforce effective tax, anti-money laundering, and anti-bribery regimes, also agreements to curb the tax evasion and corruption in the region.
The initiative will strengthen economy cooperation to achieve the goals and more interested partners of Indo-pacific would be invited.
As stated by the Ministry of External Affairs, “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.”
“I believe that resilient supply chains must be based on three-pillar foundation of trust, transparency and timeliness and I am sure that this framework will make these pillars strong and lead to prosperity, peace and prosperity in the Indo-Pacific region,” Mr. Modi added.
Cross border data and digital economy, will make the data localization mandatory in the region. The Framework will be free, fair and open to the world. The initiative will be deepening the cooperation between the US and the Asian partners.
