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India joins US Indo-Pacific Economic Plan

India joins US Indo-Pacific Economic Plan
India joins US Indo-Pacific Economic Plan
  • India joined a dozen other nations to launch the Indo-Pacific Economic Framework for Prosperity (IPEF), a US-led trade initiative meant to counter China’s aggressive expansion in the region.
  • Among the 13 countries backing the initiative are Australia, Brunei, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam, and the members jointly account for 40% of the global GDP.
  • The Indo-Pacific region is the centre of manufacturing, economic activity, global trade and investment. History is witness to the fact that India has been a major centre in the trade flows of the Indo-Pacific region for centuries.
  • The world’s oldest commercial port was in Lothal in Gujarat, India, mentioned PM Modi
  • Therefore, it is essential that we find common and creative solutions for the economic challenges of the region. 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, said PM Modi
  • 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.

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Published date : 25 May 2022 06:17PM

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