India, 12 other Indo-Pacific nations pledge to promote free and fair trade
Tokyo, May 24
India along with other Indo-Pacific nations including the US, Japan and Australia, on Tuesday committed to free and fair trade to promote investments and achieve sustainable economic growth.
The Indo-Pacific nations also agreed to identify additional areas of cooperation based on consultations among partners to further shared interests, a joint statement said.
The joint statement was issued after the launch of the Indo-Pacific Economic Framework for Prosperity (IPEF) on Monday.
“We, India, Australia, Brunei Darussalam, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam of the Indo-Pacific region, acknowledge the richness and the diversity of our vibrant regional economy.
“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,” it said.
The member nations also acknowledged that the economic policy interests in the region are intertwined, and deepening economic engagement among partners is crucial for continued growth, peace, and prosperity.
In the long term, the statement emphasised that economic competitiveness would largely be defined by the ability of the nations to harness technology, promote innovation, participate in the digital economy, achieve energy security, and tackle the climate crisis.
Asking other interested Indo-Pacific partners to join the initiative, the statement said collective discussions were being launched towards future negotiations on the following pillars: trade; supply chains; cheap energy, decarbonisation and infrastructure; and tax and anti-corruption.
About the trade, the statement said the objective would be to build high-standard, inclusive, free, and fair trade commitments and develop new and creative approaches in the trade and technology policy that advance a broad set of objectives that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefits workers and consumers.
The statement also expressed the commitment of the leaders to improving transparency, diversity, security, and sustainability in supply chains to make them more resilient and well-integrated.
In line with the Paris Agreement goals and efforts to support the livelihood of our peoples and workers, the statement renewed the pledge to accelerate the development and deployment of clean energy technologies to decarbonise economies and build resilience to climate impacts.
