An agreement within the Indo-Pacific Economic Framework for Prosperity (IPEF) is poised to become effective on February 24, as revealed by the U.S. Commerce Department’s recent announcement.
This significant agreement involves 14 nations belonging to the framework, which includes major economies such as Japan, the United States, and Australia. The primary objectives of this agreement entail the identification of crucial items to be covered by the pact and the establishment of specialized organizations to reinforce global supply chains.
It’s worth noting that five of the participating countries – including Japan, the United States, India, Singapore, and Fiji – have successfully completed their approval processes for the supply chain agreement, paving the way for its implementation.
In response to these developments, the U.S. Commerce Secretary expressed satisfaction with the progress achieved by member nations, highlighting the tangible results accomplished within an impressive timeframe. She emphasized the imminent commencement of the Supply Chain Agreement within the IPEF, stressing collaborative efforts to strengthen supply chains and proactively address potential disruptions, ultimately benefiting workers and businesses across the participating nations.
