The evolving situation in the Indo-Pacific region reflects the reality of globalisation, the emergence of multipolarity and the benefits of rebalancing, External Affairs Minister S Jaishankar said on Tuesday. In his address at the inaugural session of the Indo-Pacific business summit, he suggested that the broad policy of like-minded nations for the region was an expression of collective interests in promoting prosperity and securing global commerce.
"The Indo-Pacific reflects the reality of globalisation, the emergence of multipolarity and benefits of rebalancing. It means the overcoming of the Cold War and rejection of bipolarity and dominance," he said. "Most of all, it is an expression of our collective interests in promoting global prosperity and securing global commerce," Jaishankar added. He said India's Indo-Pacific Oceans Initiative (IPOI) clearly validates this assertion.
At the East Asia summit in Bangkok in 2019, Prime Minister Narendra Modi proposed setting up the IPOI to conserve and sustainably use the maritime domain and to make meaningful efforts to create a safe and secure maritime domain. The evolving situation in the Indo-Pacific region in the wake of China's increasing military muscle-flexing has become a major talking point among leading global powers.
Several countries and blocs have come out with their vision for the Indo-Pacific considering its growing strategic interests. In April, the European Union came out with a comprehensive strategy for the Indo-Pacific listing its priorities and vision for the region that the bloc said represented the world's "economic and strategic centre of gravity".