At IPEF launch, PM Modi highlights ‘3Ts’ for improving the global supply chain
The IPEF seeks to strengthen economic partnership amongst participating countries
India is committed to a free, open, and inclusive Indo-Pacific region, Prime Minister Narendra Modi said on Monday.
Speaking at the launch of the Indo-Pacific Economic Framework for Prosperity (IPEF), PM Modi also highlighted that the '3Ts' of Truth, Transparency, and Timeliness must be the backbone of robust supply chains.
The forum was launched in the presence of US President Joe Biden and Japanese Prime Minister Kishida Fumio. Leaders from Australia, Brunei, Indonesia, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam also attended this event virtually.
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.
Prime Minister Modi remarked during the inauguration event that the establishment of IPEF is a proclamation of a joint determination to make the Indo-Pacific region a worldwide economic development engine.
He also highlighted that the world's oldest commercial port at Lothal, Gujarat, India, has long been at the centre of trade movements in the Indo-Pacific region.
He reaffirmed India's commitment to cooperating with the Indo-Pacific nations to create an IPEF that is "both inclusive and flexible." He emphasised that the "3Ts" (Truth, Transparency, and Timeliness) must be the backbone of robust supply chains.
He stressed, "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."
He also stated that India is eager to engage with partner nations under the IPEF to advance "regional economic connectivity, integration, and trade and investment within the region."
A joint statement was also released, highlighting the IPEF's essential components.