Preparing to give a big blow to China through the Indo-Pacific Economic Framework, 13 countries including India, America joined hands
The Joint Declaration states that this framework will ensure the direction of mutual cooperation in dealing with many of the current problems arising out of the Corona epidemic and Russia’s attack on Ukraine, such as supply chain disruptions, rising inflation, increasing digital fraud, clean energy, Will do Many experts are also seeing this as a way to reduce the world’s dependence on China in the global supply chain.
The framework includes India, the US, Japan, Australia, New Zealand, Singapore, Thailand, Brunei, South Korea, Malaysia, the Philippines, Indonesia and Vietnam.
Quad member countries’ third meeting on Tuesday
Modi, Biden and Kishida were present in person in the meeting, while heads of other countries participated in a virtual way. PM Modi has gone to Japan to attend the Quad (USA, India, Japan and Australia) summit. The third meeting of the heads of the Quad member states will be held on Tuesday. On Tuesday, PM Modi is also to have a bilateral meeting with US President Biden.
Regarding the meeting called on the framework, the Indian Ministry of External Affairs has said that India is committed to making the Indo-Pacific region an inclusive and equal opportunity for all. India believes that increasing economic cooperation is essential for peace, prosperity and stability in the region. The framework states that after its establishment, member countries will initiate dialogue to enhance economic cooperation and achieve a common goal.
Addressing the meeting, PM Modi said that the framework is a declaration of our collective will to make the region an engine of global economic growth. History is witness to the fact that India has been at the center of business activities in the region for centuries.
India will work with all
Talking about finding common solutions and establishing constructive systems for the economic challenges of the region, PM Modi has also offered that India will work with all for an inclusive Indo-Pacific economic framework. He also gave the mantra of 3 T’s i.e. Trust, Transparency (Transparency) and Timeliness (timeliness) to establish a sustainable supply chain.
There is no clear guideline on how this framework will proceed. The US administration is calling it beneficial for its businessmen, workers and the economy, but how it will benefit other countries is not clear.
Preparing to prepare an economic system without China
It is also not clear whether member states will give each other customs duty concessions or what incentives they will get to enter the US market. But the way all the above 13 countries have said to prepare their economy jointly in future, it is clear that there is a preparation to prepare a global economic system without China between them.
India important member of framework: US
In the context of India, the US has said that it will be an important member of this framework. By the way, it is an indication that this economic cooperation will run only under the direction of the system. The 13 member countries account for 40 percent of the global economy. During the next 30 years, this part will play the most important role in driving the world economy.
