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Deep Economic Engagement Is Crucial For Growth, Peace, Prosperity: IPEF Partners

Amid China's growing economic influence in the region, Prime Minister Narendra Modi and other Indo-Pacific partners launched IPEF

Photo Credit : PM Modi/ Twitter


We acknowledge our economic policy interests in the region are intertwined, and deepening economic engagement among partners is crucial for continued growth, peace, and prosperity, said Indo-Pacific Economic Framework for Prosperity (IPEF) partners in a joint statement on Tuesday.

India, Australia, Brunei Darussalam, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam are in the IPEF that has a objective of strengthening economic linkages among participating nations. 

"We share a commitment to a free, open, fair, inclusive, interconnected, resilient, secure, and prosperous Indo-Pacific region that has the potential to achieve sustainable and inclusive economic growth," the statement read. 

The Covid-19 pandemic has also emphasised the importance of strengthening economic competitiveness and cooperation and securing critical supply chains, while stimulating job growth and improving economic opportunities, including for our workers, women, medium- and small-enterprises, and our societies’ most vulnerable groups, it said.

"In the long term, economic competitiveness will be largely defined by our ability to harness technology, promote innovation, participate in the digital economy, justly transition energy systems and achieve energy security, and tackle the climate crisis in a manner that produces equitable, inclusive growth and improves socio-economic welfare," the statement read. 

The IPEF framework is intended to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for our economies. Through this initiative, we aim to contribute to cooperation, stability, prosperity, development, and peace within the region.

The statement added that framework partners will be engaging in such discussions on various ways to strengthen economic cooperation to achieve these goals, and we invite other interested Indo-Pacific partners to join us.

The partners will identify additional areas of cooperation based on consultations among partners to further our shared interests, with a view to advancing regional economic connectivity and integration. 

"We look forward to jointly creating conducive environments to boost flows of commerce, trade, and investments amongst our economies, and to enhancing standards and access to opportunities for our workers, companies, and peoples in our combined markets," it said. 

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Indo-Pacific Economic Framework for Prosperity IPEF