India, the US, Japan and Australia have resolved to invest $50 billion on infrastructure development in the Indo-Pacific region over the next five years as part of a series of measures announced under the Quad initiative to bring “tangible benefits to the region”.
In particular, the four nations have mapped out vulnerabilities in global semiconductor supply chains and have resolved to work together to create a “diverse and competitive” market by leveraging their respective strengths. The Quad also launched a Common Statement of Principles on Critical Technology Supply Chains to mitigate risks in the region and advance cooperation in semiconductors and other critical technology. The nations have also agreed to expand cooperation in 5G technology.
Commitment to Address Debt Issues
Quad is carrying a constructive agenda for the Indo-Pacific region. This $50 billion project will further strengthen the image of the Quad as a force for good,” he said in opening remarks at the Quad leaders’ summit in Tokyo.
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While China wasn’t mentioned in the joint statement after the meeting of leaders from the four nations, the measures identified seek to insulate the Quad and other like-minded nations from what’s perceived as Beijing’s increasing economic coercion.
They also come a day after the launch of the Indo Pacific Economic Framework (IPEF) that has been joined by 13 nations of the region that include all major economies barring China.
On the $50 billion infrastructure front, the Quad nations noted that deepening cooperation is critical to driving productivity and prosperity in the region.
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