India pushed for safe and unhindered passage for commercial ships amid the closure of the Strait of Hormuz and opposed attacks on shipping at a meeting in Japan on Wednesday, where External Affairs Minister S Jaishankar said the country would work with partners to develop supply chain resilience.
Jaishankar represented India at the Asia Zero Emissions Community (AZEC) plus meeting chaired by Japanese Prime Minister Sanae Takaishi which focused on energy supply chain disruptions caused by the closure of the Strait of Hormuz. India and other countries across Asia were affected by the closure of the waterway, which is used to transport half of New Delhi’s oil imports.
“We reiterated India’s strong commitment to safe and unhindered transit of maritime shipping. Attacks on commercial vessels are absolutely unacceptable,” Jaishankar said on social media after the meeting.
“Global growth requires deregulated energy markets. As a major energy consumer, India will work with like-minded partners to develop supply chain resilience,” he said.
The meeting – joined by AZEC’s 11 members, including Australia, Singapore and partners such as India, Bangladesh and South Korea – saw Japan unveil a new initiative called the Partnership on Broad Energy and Resource Resilience (POWERR) in Asia to provide financial cooperation to Asian countries affected by fuel supply shortages and supply chain disruptions.
According to a statement issued by the Japanese Foreign Ministry, the financial support totaling about $10 billion will be used to provide financial support to Asian governments, strengthen energy supply systems and diversify energy sources. As part of efforts to strengthen supply systems, Japan will support crude oil storage systems, establish infrastructure such as storage tanks, renovate oil production facilities in oil-producing countries in West Asia, and ensure the safety of sea lanes.
Takaishi said that the countries most affected by the disruption of energy supplies and other resources through the Strait of Hormuz are located in Asia, and it is necessary for Asian countries to work together to respond to this common challenge. She described POWERR Asia as a new cooperation framework for emergency and structural responses from a medium to long-term perspective. The framework aims to cooperate in emergency response by financing the purchase of crude oil and maintaining supply chains in Asia.
Philippine President Ferdinand Marcos, Malaysian Prime Minister Anwar Ibrahim, Singapore Prime Minister Lawrence Wong, and Bangladesh Prime Minister Tariq Rahman also participated in the meeting.
Meanwhile, Prime Minister Narendra Modi stressed the importance of keeping the Strait of Hormuz “open, safe and secure” during a phone call with US President Donald Trump on Tuesday, External Affairs Ministry spokesperson Randhir Jaiswal said at a press conference in New Delhi. Trump had called Modi to inform him of the latest developments in the West Asian crisis.
There are currently 15 Indian-flagged or Indian-owned vessels west of the Strait of Hormuz, while nine vessels, mostly LPG tankers, have transited the waterway since the conflict in West Asia began on February 28.
“We are talking to several countries regarding the Strait of Hormuz to ensure that the rest of our ships can transit in a safe manner and come to India,” Jaiswal said.
With the end of the US exemption period from sanctions imposed on Russian oil and the end of another exemption on Iranian oil, Jaiswal stressed India’s intention to diversify energy sources to ensure energy security in the country. “We have a position that has been stated on several occasions, which is that we continue to buy oil from various sources taking into account the energy security needs of 1.4 billion people, as well as the situation on the international market and the global situation that we have to deal with,” he said.
