The Quad summit comprising India, the US, Japan, and Australia agreed to invest $50 billion for “tangible benefits to the region” as part of a series of initiatives. The leader agreed to offer infrastructure development in the Indo-Pacific region for the next five years.
In particular, these four nations have identified vulnerabilities in global semiconductor supply chains and resolved to collaborate to create a market that is both diverse and competitive by using their strengths.
Additionally, the Quad released a Common Statement of Principles on Vital Technology Supply Chains that boost cooperation in semiconductors and other critical technologies and reduce regional risks. The countries have also agreed to broaden their collaboration in 5G technology by signing a memorandum of understanding (MoU) on supplier diversification and interoperability standards.
Prime Minister Narendra Mod said that this will ensure “open and secure telecommunications technologies in the region” and called the structure “effective”.
A joint statement was released from the leaders on the infrastructure front, “We are committed to working closely with partners and the region to drive public and private investment to bridge gaps.” To achieve this, Quad will seek to extend more than $50 billion of infrastructure assistance and investment in the Indo-Pacific over the next five years.”
