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IPEF Group, U.S., Sign Supply Chain Resilience Pact

IPEF Group, U.S., Sign Supply Chain Resilience Pact

The United States, India, and 12 other members of the Indo-Pacific Economic Framework for Prosperity (IPEF) have signed a supply chain resilience agreement.
Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US and Vietnam are members of the bloc.
Under the agreement, IPEF partners seek to provide a framework to build their collective understanding of significant supply chain risks; improve crisis coordination and response to supply chain disruptions; facilitate cooperation, mobilize investments, promote regulatory transparency in sectors and goods critical to national security and public health and safety. Critical sectors will be identified by the member countries.
The agreement was signed in San Francisco, and India’s Commerce and Industry Minister Piyush Goyal attended the ministerial meeting of the IPEF.

Speaking at the event, Goyal emphasized enhancing collaboration to realize the collective aims of the IPEF, particularly on the need for mobilizing affordable financing for a clean economy transition and enhancing technology cooperation.

The pact will also establish three new IPEF Supply Chain bodies to facilitate cooperation among the partners: the Supply Chain Council, the Supply Chain Crisis Response Network, and the IPEF Labor Rights Advisory Board.

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