India elected as Vice-Chair of the Supply Chain Council

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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.

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. On earlier occasion, Minister Goyal has highlighted India’s global production capacities in many critical sectors, which provide supply diversification opportunities for IPEF partners.

During the meetings, each of the three supply chain bodies elected a Chair and Vice Chair, who will serve for a term of two years. The elected chairs and vice chairs are:

  1. Supply Chain Council: USA (Chair) and India (Vice Chair)
  2. Crisis Response Network: Republic of Korea (Chair) and Japan (Vice Chair)
  3. Labor Rights Advisory Board: USA (Chair) and Fiji (Vice Chair)

  • 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.

  • PIB





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