India and 13 other Indo-Pacific Economic Framework (IPEF) partners have launched three new supply chain bodies under the Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement on Supply Chain Resilience.
The virtual meetings marked the start of the Supply Chain Council (SCC), Crisis Response Network (CRN), and Labor Rights Advisory Board (LRAB), representing a significant step toward strengthening regional supply chains.
These meetings saw the 14 IPEF partners reaffirm their commitment to enhancing the resilience and competitiveness of critical supply chains.
The IPEF Supply Chain Resilience Agreement, signed by Commerce and Industry Minister Piyush Goyal and other IPEF ministers in November 2023 in Washington, D.C., aims to make supply chains more robust and well-integrated.
The Agreement, which came into force in February 2024, is intended to support the economic development of the Indo-Pacific region. During the meetings, the three supply chain bodies elected their chairs and vice chairs for a two-year term.
The Supply Chain Council will be chaired by the USA with India as the Vice Chair, the Crisis Response Network will be chaired by the Republic of Korea with Japan as Vice Chair, and the Labor Rights Advisory Board will be chaired by the USA with Fiji as Vice Chair.
