Shocking – All 14 members of IPEF withdraw their cooperation support with China – Know More

The members of the Indo-Pacific Economic Framework (IPEF) have reached an agreement on the supply chain including improving logistics and connectivity to end their dependence on China. The 14 countries of the IPF, including the US and India, announced the agreement on Saturday after substantial talks.

IPEF consists of 14 partner countries including Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, and the United States.

Indeed, the supply chain agreement aims to protect IPEF countries from the worst. When the cases of corona epidemic were increasing continuously, then there was a shortage of medicines and vaccine-making goods. This situation had arisen due to obstacles in trade and unnecessary restrictions. After the agreement, the countries involved in IPEF can work together in case of emergency. In addition, countries will be helped in mobilizing investments.

At the second in-person ministerial meeting of IPEF countries in Detroit later this week, the group agreed to establish an IPEF Supply Chain Council, Supply Chain Crisis Response Network, and Labor Rights Advisory Network. In the deal, IPEF also outlined progress on the trade, clean economy, and fair economy pillars of the framework. Also, interested members have agreed to set up a regional hydrogen initiative under the Clean Economy.

US Commerce Secretary Gina Raimondo tweeted that she is pleased to announce that IPEF has completed negotiations on the first supply chain agreement of its kind. This is a big deal and for the first time there will be an international agreement on supply chains that will bring together 14 partners across the Indo-Pacific.