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WORLD NEWS | Efforts to support plans to promote free, open and prosperous Indo-Pacific: USIBC

WORLD NEWS | Efforts to support plans to promote free, open and prosperous Indo-Pacific: USIBC

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WASHINGTON, Feb. 10 (PTI) — A top US business advocacy group said it is working to support plans to promote a free, open and prosperous Indo-Pacific region.

During ongoing meetings with Indo-Pacific Economic Framework (IPEF) stakeholders, the US India Business Council (USIBC) is also focusing on building resilient supply chains for critical minerals necessary for the biopharmaceutical industry as well as energy transition, the media outlet said here.

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The framework was hosted by India’s Ministry of Commerce and Industry in Delhi from 8-11 February.

On Thursday, USIBC said it was working to support plans to promote a free, open and prosperous Indo-Pacific.

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The Indo-Pacific is a biogeographic region that includes the Indian Ocean and the western and central Pacific Ocean, including the South China Sea.

The United States, India and several other world powers have been talking about the need to ensure a free, open and prosperous Indo-Pacific region against the backdrop of China’s increasing military operations in the resource-rich region.

Prior to the stakeholder discussions, USIBC hosted an industry roundtable with a visiting US Congressional staff delegation, where participants discussed various aspects of IPEF.

Industry representatives assessed their respective industries and provided insights into the challenges and opportunities posed by the regulatory environment in India.

USIBC Chairman Atul Keshap applauded the discussions, saying, “Getting the right standards in place will facilitate the flow of trade and investment between the US, India and other partners, driving growth and enabling the region’s Millions of people have been lifted out of poverty.”

In biopharmaceuticals, the USIBC highlights how the geographic diversity of active pharmaceutical ingredient (API) production for proprietary drugs makes supply chains for these drugs resilient. It urged the same to diversify API sourcing for generic drugs, an area where India is a world leader.

It also expressed support for major public investment in API manufacturing in India to diversify the generic drug supply chain and reduce reliance on China.

China is the world’s largest producer and exporter of APIs, and many Indian companies rely on imported ingredients for various formulations.

On critical minerals, the USIBC called for expansion of mining and processing capacity in India and other IPEF countries to support its energy transition ambitions and energy security, noting that adoption of clean energy technologies in India and other countries will require increased production of lithium, copper, , nickel, cobalt, graphite and other rare earths.

The USIBC highlighted that IPEF countries jointly own significant reserves of these minerals and urged the rapid establishment of secure supply chains for critical minerals as a top priority for IPEF.

On the digital economy, the USIBC highlighted the role of the shared commitment not to impose taxes or tariffs on data flows in facilitating India’s emergence as a global hub for digital services and the growth of the overall digital economy.

It called on IPEF to reaffirm the moratorium on e-commerce – the WTO prohibits the imposition of duties on electronic transmissions – to ensure continued growth in many industry sectors that depend on digital services.

China claims almost all of the disputed South China Sea, but Taiwan, the Philippines, Brunei, Malaysia and Vietnam all claim parts of it. Beijing has built artificial islands and military installations in the South China Sea. China and Japan also have territorial disputes in the East China Sea.

China and its diplomats have been attacking the Indo-Pacific concept since its inception, claiming it is aimed at containing Beijing.

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)

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