New Delhi, May 26: The Quad on Tuesday announced an Indo-Pacific energy security framework designed to counter supply disruptions through strategic fuel reserves, targeted policy initiatives and coordinated emergency response mechanisms.
The move, firmed up at a meeting of the Quad foreign ministers in New Delhi, came amid increasing global concerns over disruptions in energy supply chains in view of the blockade of the Strait of Hormuz through which around a fifth of the world’s oil and liquefied natural gas (LNG) usually passes.
The Quad meeting was chaired by External Affairs Minister S Jaishankar and attended by US Secretary of State Marco Rubio, Australian Foreign Minister Penny Wong and Japanese Foreign Minister Toshimitsu Motegi.
The foreign ministers reiterated the importance of ensuring unimpeded freedom of navigation and uninterrupted flow of global commerce, including in the Strait of Hormuz, and opposed any restrictive measures hampering the flow of commercial vessels.
They expressed a strong commitment to ensure “well-functioning, stable, transparent, secure and resilient energy markets” and reaffirmed the importance of “resilient and diversified” supply.
The Quad called upon all energy market participants, including producer and consumer countries, to maintain transparent and open energy markets to ensure the stable availability of energy products across the Indo-Pacific region and globally in times of significant energy market volatility and disruptions.
The ministers also underlined the importance of secure and uninterrupted trade flows, including the safety of navigation and the protection of critical maritime routes and infrastructure, as essential to global economic stability and energy security.
Jaishankar told the media that the Quad nations believe strongly that economic resilience should be promoted and that supply chains should be strengthened.
“Our deliberations touched on the current energy and fertiliser availability as well as that of critical minerals and resources. The goal is to intensify cooperation amongst ourselves, while also assisting others,” he said.
“In the coming days, whether it is economic activity, energy trade or maritime commerce, the Indo-Pacific will become even more important to the world,” he said.
An official readout said that India, the US, Australia and Japan will work to identify areas of cooperation for the Quad Initiative on Indo-Pacific Energy Security in technology, management, policy, international market analysis and emergency response exercises through an “engagement plan”.
“This group effort would aim to recognise and leverage the unique resources and capabilities of each country’s energy sector, including to strengthen their respective strategic petroleum systems,” it said.
They will work with partners in the Indo-Pacific to help strengthen regional energy resilience.
The grouping said it is united by a “common vision” for a free and open Indo-Pacific, underpinned by robust economic and energy systems.
“Recognising shifts in the global energy landscape and escalating geopolitical complexities, we are accelerating collaboration to ensure energy stability and security,” it said.
“We recognise impacts of disruptions to global markets, particularly in relation to oil, gas, and petrochemical products as well as essential goods and critical downstream derivatives such as fertilisers, fall heavily on the Indo-Pacific region,” it said.
The Quad grouping also highlighted the importance of regional initiatives to strengthen energy resilience, such as Japan’s Partnership On Wide Energy and Resources Resilience (POWERR Asia), India’s support to energy security in South Asia and Australia’s support to energy security in Southeast Asia and the Pacific. (PTI)
