Next IPEF Supply Chain Council Meeting Set for December

The next meeting of the Supply Chain Council, created under the IPEF agreement, is scheduled for December. The IPEF, comprising 14 countries and led by the US, was launched in 2022 to strengthen supply chains. India, a vice-chair of the council, has joined all pillars except trade.

The upcoming meeting of the Supply Chain Council, formed under the IPEF agreement, is slated for December, as per a statement from the commerce ministry on Monday.

Launched on May 23, 2022, by the US and partner nations in Tokyo, the IPEF aims to bolster economic collaboration in the Indo-Pacific region, representing 40% of global economic output and 28% of trade. While India has not joined the trade pillar, it participates in the other three pillars: supply chains, clean economy, and fair economy.

The Supply Chain Resilience Agreement, effective from February 24, has established three institutional bodies: the Supply Chain Council (SCC), Crisis Response Network (CRN), and the Labour Rights Advisory Board (LRAB). The SCC held its first meeting in Washington DC on September 12, chaired by the US with India as vice-chair. The council has formed action plan teams focusing on semiconductors, critical minerals, chemicals, and an impending team for healthcare/pharma. These teams will soon initiate efforts to enhance supply chain resilience.

(With inputs from agencies.)