In a significant milestone, India and 13 other Indo-Pacific Economic Framework (IPEF) partners have established three supply chain bodies under the landmark Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement relating to Supply Chain Resilience.

The inaugural virtual meetings of the Supply Chain Council (SCC), Crisis Response Network (CRN), and Labor Rights Advisory Board (LRAB) marked a major step forward for cooperation among partner countries for strengthening supply chain resilience in the region.

Through these inaugural meetings, 14 IPEF partners reaffirmed their commitments and collective resolve to facilitate closer cooperation to strengthen the resilience and competitiveness of critical supply chains and better prepare for and respond to supply chain disruptions that pose a risk to economic prosperity while strengthening labor rights.

To strengthen supply chains and better prepare for and respond to supply chain disruptions, 14 countries including India have established the Supply Chain Council.

The Council is part of the ongoing efforts of the Indo-Pacific Economic Framework (IPEF) to advance economic development and prosperity in the region. The IPEF partners are committed to improving the resilience of critical supply chains and better preparing for and responding to supply chain disruptions. This is in line with the objectives of the IPEF Agreement on Supply Chain Resilience, which was signed in November 2023.

The Supply Chain Council has adopted its terms of reference and discussed its initial work priorities. The council is expected to further explore its work at its first in-person meeting to be held in Washington, D.C., in September 2024.

The IPEF partners also underscores the importance of the upcoming in-person meeting to be held in Washington, D.C., in September 2024, on the margins of a Supply Chain Summit. The summit will provide an opportunity for the IPEF partners to strengthen cooperation in addressing supply chain challenges and promoting sustainable growth in the region.

The establishment of the Supply Chain Council is a significant milestone in the cooperation among the IPEF partners to strengthen supply chain resilience in the Indo-Pacific region. The council is expected to play a crucial role in promoting economic prosperity and sustainable development in the region by facilitating closer cooperation and collaboration.

About IPEF : IPEF was launched on 23 May 2022 at Tokyo, Japan, comprising of 14 countries – Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and USA. The IPEF seeks to strengthen economic engagement and cooperation among partner countries with the goal of advancing growth, economic stability and prosperity in the region.The framework is structured around four pillars relating to Trade (Pillar I); Supply Chain Resilience (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV). India had joined Pillars II to IV of IPEF while it has maintained an observer status in Pillar-I.