PM Narendra Modi will attend an event in Tokyo on Monday where US President Joe Biden will launch the ambitious Indo-Pacific Economic Prosperity Framework (IPEF), a plan to promote like-minded people’s development of people in clean energy and supply-chain resilience and digital trade. Modi travelled to Japan on Sunday night mainly to attend the second face-to-face summit of the four leaders on May 24.

PM also plans to hold a separate meeting on Monday with some key business leaders, including NEC Corporation Chairman Nobuhiro Endo, Uniqlo President Tadashi Yanai, Suzuki Motor Corporation adviser Osamu Suzuki and SoftBank Group corporation board director Masayoshi Son. The first day of Modi’s visit to Tokyo included a roundtable with Japanese business leaders and interactions with the Indian community.

Biden’s launch of the IPEF is expected to signal that the US is focused on pursuing strong economic policies in the Indo-Pacific to counter China’s aggressive trade strategy in the region. During a media briefing on Thursday, Foreign Ministry spokesman Arindam Bagchi said India had received details from the IPEF. It is reported that India, Australia, New Zealand, South Korea, Japan, Singapore, the Philippines and other countries may join IPEF.

On Sunday, US NSA Jack Sullivan said that the IPEF aims to create a “high-standard approach” to the digital economy, clean energy transition, diverse and resilient supply chains, and open and transparent economic governance. In an interview with the media, he also clarified that IPEF is not a security arrangement.

“No, this is not a security arrangement. It is an economic arrangement focused on further integrating the Indo-Pacific economies, setting standards and rules, especially in new areas such as the digital economy, and working to ensure secure and resilient supply chains,” Sullivan said.

“I will have a bilateral meeting with President Joseph Biden, and we will discuss further strengthening our multifaceted bilateral relationship with the US,” Modi said in a statement. “We will also continue to discuss regional developments and contemporary global issues. Dialogue.” The prime minister will also hold separate bilateral meetings with Japanese Prime Minister Fumio Kishida and newly elected Australian Prime Minister Anthony Albanese.