Indian Economy News

PM Modi joins US President Biden for launch of 12-nation IPEF: MEA

Prime Minister Mr. Narendra Modi joined President of the US, Mr. Joe Biden, in launching a US-led trade framework aimed at fostering deeper cooperation among like-minded nations in sectors such as sustainable energy, supply-chain resilience, and digital commerce.

The US announced the Indo-Pacific Economic Framework for Prosperity (IPEF) as part of its efforts to advance a robust economic policy for the Indo-Pacific in response to China's aggressive trade strategy in the region.

Other partner countries represented virtually at the event included Australia, Brunei, Indonesia, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.

Mr. Modi stated that India is committed to working with the Indo-Pacific nations to create an IPEF that is both inclusive and flexible.

According to the Ministry of External Affairs (MEA), he also stated that the foundation of resilient supply chains must be the 3Ts: Trust, Transparency, and Timeliness.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.