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'Future of 21st century economy': Joe Biden shows faith in Indo-Pacific Economic Framework

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 besides cooperating on anti-corruption efforts.

Poorva Joshi Edited by: Poorva Joshi @poorvajoshi1424 Washington Published on: May 24, 2022 6:57 IST
modi in tokyo, modi tokyo visit, indo pacific economic framework
Image Source : AP

U.S. President Joe Biden, left, Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi speak at the Indo-Pacific Economic Framework for Prosperity launch event at the Izumi Garden Gallery, Monday, May 23, 2022, in Tokyo.

Highlights

  • US President Joe Biden on Tuesday showed faith in the Indo-Pacific Economic Framework (IPEF).
  • He said the future of the 21st-century economy will be written in it.
  • 12 countries including India have joined the new US-led initiative.

US President Joe Biden on Tuesday showed faith in the Indo-Pacific Economic Framework (IPEF), saying the future of the 21st-century economy will be written in it. The IPEF was rolled out a day ahead of the Quad summit. 12 countries including India have joined the new initiative. Biden said that the US is deeply invested in the Indo-Pacific and that it is committed for a long haul to championing its vision for a positive future for the region.

"The future of the 21st-century economy is going to be largely written in the Indo-Pacific. That’s why we launched the Indo-Pacific Economic Framework for Prosperity to help all of our countries’ economies grow faster and fairer."

Joining the US-led initiative IPEF, PM Modi asserted that New Delhi will work towards making it an "inclusive and flexible" structure to pave the way for peace and prosperity in the region.

In his comments during the launch ceremony, Prime Minister Modi said that announcement of IPEF is a declaration of a collective desire to make the Indo-Pacific an engine of global economic growth and called for finding common and creative solutions to tackle the economic challenges of the region.

Also Read: Quad summit: Indo-Pacific strategy 'bound to fail', says China

He also underlined that the foundation of resilient supply chains must be based on 3T’s -- trust, transparency and timeliness.

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 besides cooperating on anti-corruption efforts.

The rollout of the IPEF came as part of Washington's efforts to push forward a strong economic policy for the Indo-Pacific to counter China's aggressive strategy on trade in the region.

(With agency inputs)

Also Read: What’s in Biden’s new Indo-Pacific Economic Framework. How it will benefit India - Explained

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