The quad summit of four countries is being held in Tokyo, Japan. According to media reports, India’s Prime Minister Narendra Modi said, “The quad grouping has ensured peace, prosperity, and stability in the Indo-Pacific”. PM Modi held separate bilateral meetings with US President Joe Biden, Australia’s newly elected Prime Minister Anthony Albanese, and Japanese PM Fumio Kishida.
During this, the Quad leaders launched the Quad Fellowship, a unique effort aimed at encouraging research and innovation for the youth. The purpose of the Quad is to promote cooperation among member countries and to discuss the development of the Indo-Pacific region. In such a situation, people are suffering from inflation not only in India but also abroad. Hence, this issue was also discussed. US President Joe Biden on Monday announced a new trade deal aimed at bolstering the economies of 12 countries in the Indo-Pacific region. He acknowledged that their numbers were not enough to defeat the United States.
Speaking at a news conference after talks with Japanese Prime Minister Fumio Kishida, he acknowledged that the US economy was facing some problems. However, it is not as serious as the rest of the world’s problems. Joe Biden said that the US economy will take some time to recover. However, Biden categorically denied a recession in the United States. These things were said by US President Joe Biden before announcing a new economic plan among the Indo-Pacific countries.
Biden’s administration has drafted a new trade deal for the Indo-Pacific. The Corona pandemic and the Russo-Ukraine war have destabilized trade. Economies have become unstable. But this agreement seeks to show that the United States is committed to stabilizing them.
The White House said the agreement would allow the economies of the United States and Asian countries to work more closely together. The areas of the supply chain, trade through computer systems, pollution-free energy, labour security, and corruption-free working can be worked effectively.
He also made it clear that more detailed talks are to be held with the participating countries in this agreement. Prime Minister Narendra Modi was also present along with Biden and Kishida when the deal was announced. Delegates from other countries participated this time through the television system. PM Modi is also on a visit to Japan for the Quad Conference.
12 countries participating in the agreement:
India, Australia, Brunei, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam are included in the new trade agreement with the US. These countries, including the United States, account for 40% of the world’s gross domestic product (GDP).