India, the US, Japan and Australia have planned to invest $50 billion to boost infrastructure in the Indo-Pacific region over the next five years under the Quad initiative to bring tangible benefits to the region.
The Quad has launched a Common Statement of Principles on Critical Technology Supply Chains to reduce risks and advance cooperation in semiconductors and other crucial technology. The countries also agreed to expand support in 5G technology by signing a new Memorandum of Understanding (MoU) on supplier diversification and defining standards for interoperability. It aims to ensure open and secure telecommunications technologies in the Indo-Pacific region. At the Quad leaders' summit in Tokyo, PM Narendra Modi said that the Quad is carrying a constructive agenda for the Indo-Pacific region, which will further strengthen its position. On the infrastructure, Quad nations mentioned that deepening cooperation is critical to driving productivity and prosperity in the entire region. According to a statement, Quad will seek to extend over $50 billion of infrastructure assistance and investment in the Indo-Pacific region over the next five years. On secure telecommunication technologies, the Quad nations noted that progress had been made with cooperation at global organisations and would be strengthened through the new International Standards Cooperation Network (ISCN). The cooperation will help ensure technology development in the region through shared democratic values. Additionally, Quad will soon summon a business and investment forum named networking with industry partners to expand capital for critical and new emerging technologies. Till now, the Quad partners have collectively committed around $5.2 billion to the Covid-19 Vaccines Advance Market Commitment (COVAX AMC), with around 40% of the total contributions from government donors. The summit saw the launch of the Quad Fellowship to bring 100 students to the US each year to pursue graduate degrees in science, technology, engineering and mathematics (STEM). Image Source
