Indo-Pacific Economic Framework 2022, PM Narendra Modi, is on a two-day visit to Tokyo for the Quad summit.
Indian Prime Minister Narendra Modi will attend the launch ceremony of US President Joe Biden’s Indo-Pacific Economic Framework in Tokyo on Monday.
The Indo Pacific Economic Framework (IPEF) is an American economic initiative that aims to unify the economy of the Indo-Pacific region. The agreement is expected to address issues such as supply chain, setting standards and rules in the digital economy, clean energy transformation, and infrastructure investments.
President Biden will launch the mega initiative with direct participation from Japanese Prime Minister Fumio Kishida and, in effect, leaders from several Indo-Pacific countries from Southeast Asia to Northeast Asia.
A full list of countries participating in the initiative will be released on Monday, but not Taiwan. The initiative appears to oppose China’s Belt and Road (BRI) consolidation project, which is being investigated as causing the debt crisis in the Indo-Pacific region. Beijing is not very happy with these developments and calls the IPEF a “closed club”.
The US NSA dismissed Beijing’s criticism and said, “I am surprised that China is expressing concern. Diverse countries expressing their passion for IPEF. Naturally, they’re going to try to raise a question. This is an open platform and the definition of “participation breadth (Monday) will show nothing but closed clubs and broad membership.”
On Monday he (PM Modi) will have a meeting with representatives of the Indian community and Japanese business leaders.
Prime Minister Modi will attend the second undisclosed Quad summit on Tuesday morning, followed by bilateral talks with US President Biden, Japanese Prime Minister Kishida and Australian Prime Minister Anthony Albanes in the afternoon.
Quad Leaders participate in the Quad Scholarship Event on Tuesday. Quad Scholarship kicked off last year at the first Quad Summit in Washington DC. The scholarship will support 100 students each year (25 Quads from each country) to pursue masters and doctoral degrees at the top STEM graduate schools in the United States.
“The relationship between India and the United States is multifaceted and is gaining momentum, depth and diversification,” India’s foreign minister said in a bilateral meeting with President Biden. Our long-standing cooperation spans areas ranging from trade, defence, security, climate, education and energy. Almost all aspects of human economic activity are on an upward trend. There are regular visits and exchanges of dialogue.”
Meanwhile, US National Security Adviser Jake Sullivan said in a bilateral meeting that President Biden would hold “constructive and direct” talks with Prime Minister Modi on the Russia-Ukraine conflict.
PM Narendra Modi will also meet the Australian president for the first time in this meeting.
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