IPEF: Indo-Pacific supply chain agreement will come into effect from February 24, 14 partners including India, Japan will get strength
IPEF: According to the US Commerce Department, the goal of the Indo-Pacific Economic Framework for Prosperity (IPEF) agreement on supply chain resilience is to assist IPEF partners in creating supply chains that are transparent, diverse, safe, equitable, and inclusive.
The US has declared that on February 24, the historic Indo-Pacific Economic Framework agreement on supply chain resilience, which involves 14 partner nations including Australia, Japan, and India, will go into effect. According to US Commerce Secretary Gina Raimondo, the agreement will make it easier to work together to fortify supply chains and avert possible disruptions.
The US Commerce Department said the purpose of the 'Indo-Pacific Economic Framework for Prosperity' (IPEF) agreement related to supply chain resilience is to coordinate among IPEF partners on building resilient, efficient, productive, sustainable, transparent, diverse, secure, fair and inclusive supply chains. To do. IPEF includes Brunei Darussalam, Fiji, Indonesia, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.
IPEF member countries negotiated a supply chain agreement to deepen cooperation to prevent supply chain disruptions. US Commerce Secretary Raimondo said I am thrilled to see the continued commitment and enthusiasm of IPEF partners to deliver concrete results in record time.