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Economy
Mahesh

01/08/24 12:29 PM IST

India elected as Vice-Chair of the Supply Chain Council

In News
  • India has been elected as Vice-Chair of the Supply Chain Council — one of the three bodies set up by the 14-member Indo-Pacific Economic Framework (IPEF) bloc.'
Supply chain agreement
  • The first-of-its-kind IPEF Supply Chain Resilience Agreement was signed by the Union Minister Commerce and Industry, Piyush Goyal along with the Ministers from other IPEF partner countries in November 2023 in Washington D.C. with an objective to make IPEF supply chains more resilient, robust, and well-integrated, and contribute towards economic development and progress of the Indo-Pacific region as a whole.
  • The Agreement was ratified in February 2024 and is inforce since then.
  • The  IPEF partners established three supply chain bodies – a Supply Chain Council to pursue targeted, action-oriented work to strengthen the supply chains for those sectors and goods most critical to national security, public health, and economic well-being; a Crisis Response Network to provide a forum for a collective emergency response to exigent or imminent disruptions; and a Labor Rights Advisory Board that brings together workers, employers, and governments at the same table to strengthen labor rights and workforce development across regional supply chains.
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. 
Source- PIB

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