Next IPEF's Supply Chain Council Meeting to be Held in December

Next IPEF’s Supply Chain Council Meeting to be Held in December

News: NEW DELHI: On Monday, the Commerce Ministry announced that the next IPEF’s supply chain council meeting, established under the agreement of the 14-member IPEF, is scheduled for December.

The Indo-Pacific Economic Framework for Prosperity (IPEF) bloc was initially launched by the US and its Indo-Pacific partners on May 23, 2022, in Tokyo.

The Indo-Pacific Economic Framework for Prosperity (IPEF) members collectively represent 40% of the world’s economic output and 28% of global trade. The framework is centered around four key pillars: trade, supply chains, clean economy, and fair economy. Notably, India has joined all pillars except trade.

The bloc includes 14 countries: Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US, and Vietnam.

The Supply Chain Resilience Agreement, which came into effect on February 24, aims to strengthen supply chains through cooperation among member nations. Three institutional bodies have been established under the agreement: the Supply Chain Council (SCC), the Crisis Response Network (CRN), and the Labour Rights Advisory Board (LRAB), each with specific roles in achieving the pact’s objectives.

The first meeting of the Supply Chain Council took place in Washington DC on September 12. While the US holds the chair, India serves as the vice chair of the council.