Quad to invest US$ 50 bn in Indo-Pacific

Leaders of the Quad countries – India, US, Japan and Australia – agreed to extend more than US$ 50 billion of assistance to the Indo-Pacific region over the next 5 years at the Tokyo Summit on 24th May 2022. The money will be used for filling up infrastructure gaps. They also resolved to address debt issues of countries in the region, to strengthen their capacities in coping with debt issues under G20 common framework.

The group mapped out vulnerability of the global supply chains of semiconductors and resolved to create a competitive market by leveraging their respective strengths. Towards this end, they launched a Common Statement of Principles on Critical Technology Supply Chains. Quad also agreed to expand cooperation in 5G technology focussing supplier diversification and defining standards for interoperability by signing an MoU to facilitate the same.

Quad also launched Fellowship, aiming to bring 100 students to the US each year to pursue graduate degrees in the fields of science, technology, engineering and mathematics (STEM). They resolved to work together in preparing for new variants of COVID-19 and getting vaccines and other medical products available to those at highest risk.