India committed to the inclusive Indo-Pacific Region

[GS Paper – International Organizations]

Context – Prime Minister Narendrasaid India is committed to a free, open, and inclusive Indo-Pacific region and called for robust economic ties between the countries to ensure continued growth, peace, and prosperity.

Giving this assurance at the launch of the Indo-Pacific Economic Framework for Prosperity (IPEF) in Tokyo.

Key Developments

• The authority also said that this mechanism is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth.

• He said the foundation of resilient supply chains must be 3Ts:

1. Trust
2. Transparency
3. Timeliness

• These observations came against the backdrop of China adopting an aggressive stance in the region and repeatedly criticizing the Quad combine.

• India, the US, Japan, and Australia are part of the Quad. China says The Indo-Pacific strategy of the US is “bound to fail” as it is vigorously promoted by the US to “contain” Beijing.

• The “Indo-Pacific strategy” is causing more and more concern in the international community, especially in the Asia-Pacific region, Wang Yi said at his joint press conference with Pakistan Foreign  Minister Bilawal Bhutto Zardari in the southern Chinese city of Guangzhou.

• Meanwhile, speaking at the IPEF launch ceremony in the presence of the US President and Japanese Prime Minister leaders of several other countries who virtually took part in the event, the Indian PM said India has historically been at the center of trade flows in the Indo-Pacific region, having the world’s oldest commercial port in Lothal, Gujarat.

• He stressed the need for finding common and creative solutions to tackle the economic challenges of the Indo-Pacific region.

• He expressed India’s commitment to working with all countries of the region for an IPEF.

• The new framework aims at integrating partner countries via agreed standards in four key areas – digital economy, supply chains, infrastructure projects and clean energy, and tax and anti-corruption measures.

• The framework will aim at flexibility and inclusion, and partners can pick and choose modules without having to sign on for all four pillars.

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