India and Japan are among 12 that joined the anti- China economic block the Indo- Pacific Economic Framework (IPEF), launched by the US president Joe Biden on Monday in Tokyo, ahead of the Quad Summit.
This is aimed to strengthen economic partnership among participating countries to enhance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.
Prime Minister Narendra Modi sat alongside US President Joe Biden, Japanese Prime Minister Fumio Kishida and US Secretary of State Antony Blinken at the launch of the IPEF.
Leaders and officials joined in virtually from Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam. Among the prominent leaders were South Korean President Yoon Suk Yeol, New Zealand Prime Minister Jacinda Ardern, Singapore Prime Minister Lee Hsien Loong, Thailand Prime Minister General Prayut Chan-o-cha and Vietnam Prime Minister Pham Minh Chinh.
Modi said, “The Indo-Pacific Economic Framework is a declaration of our collective will to make the region an engine of global economic growth.”
Biden launched the IPEF with a dozen initial partners who together represent 40 per cent of the world GDP, the White House said. “Alongside the United States, that’s 13 countries launching this — a baker’s dozen,” US National Security Advisor Jake Sullivan said.
A joint statement said that the countries share a commitment to a free, open, fair, inclusive, interconnected, resilient, secure, and prosperous Indo-Pacific region that has the potential to achieve sustainable and inclusive economic growth.
“We acknowledge our economic policy interests in the region are intertwined, and deepening economic engagement among partners is crucial for continued growth, peace, and prosperity,” it said.
