Page 51 - Indo-Pacific Oceans Initiative (IPOI) 2021

DECIPHERING 7TH PILLAR OF INDO-PACIFIC
OCEANS INITIATIVE (IPOI)

The Indo-Pacific is the multipolar stimulus to support sustainable
region with the geographical coverage growth and prosperity. Here, India-
in the Indian and the Pacific oceans. Japan collaboration for mutual
India occupies a prominent role in the recognition of standards; developing
Indian Ocean in terms of economic testing facilities for health and food
linkages. Indo-Pacific contributes safety; raising people’s awareness;
more than half of the world’s GDP and further promoting mutual
and population and has huge natural communication and connectivity with
resources and potential for new global institutions will bring needed
economic opportunities. Nearly resilience on standards and quality
about 65 per cent of world trade is control as well as ease the burden of
from Indo-Pacific countries. The NTMs. Japan could be India’s best
intra-regional merchandise trade in partner in digital trade facilitation,
Indo-Pacific stands at 64 per cent both as technology provider and
(about US$ 7 trillion) in 2019. Services financer, in Indo-Pacific. Connectivity
are an increasingly important part of is another area where India and Japan
the Indo-Pacific region. Indo-Pacific are committed to working together.
countries have strong interdependence Also, narrowing the maritime gap in
in trade, which is the key potential the Indo-Pacific is required and the
strength of economic integration key issues that may reshape the Indo-
in the region. Non-tariff measures Pacific maritime trade landscape need
(NTMs) are one of the major trade to be studied. Maritime transportation
barriers in the Indo-Pacific. Given the offers immense opportunities for
trade interdependencies of the Indo- cooperation between India and Japan
Pacific countries, strengthening the in Indo-Pacific and can provide a fillip
7th pillar of IPOI can entail the needed to the 7th pillar of the IPOI.

3 September 2021 | Sapru House, New Delhi 51