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Mahesh

24/05/22 08:00 AM IST

Indo-Pacific Economic Framework for Prosperity

In News 
  • Prime Minister Shri Narendra Modi participated in an event in Tokyo to launch the Indo-Pacific Economic Framework for Prosperity (IPEF). 
IPEF 
  • 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.
  • IPEF is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth.
  • The foundation of resilient supply chains must be 3T’s – Trust, Transparency and Timeliness.
Significance 
  • India has historically been at the centre of trade flows in the Indo-Pacific region, having the world’s oldest commercial port in Lohtal, Gujarat.
  • 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.
  • 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.
Source- PIB 

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