In a significant development, the United States has revealed that a pivotal agreement on supply chain resilience, operating within the framework of the Indo-Pacific economic partnership, will officially take effect on February 24. This pact involves 14 partner nations, including prominent countries like India, Japan, and Australia.
Gina Raimondo, the US Commerce Secretary, emphasized that this agreement aims to promote a collaborative approach, geared towards fortifying supply chains and mitigating potential disruptions. The United States Department of Commerce has announced that the Indo-Pacific Economic Framework for Prosperity (IPEF) agreement, specifically addressing supply chain resilience, is set to be enacted on the aforementioned date.
In an official statement, the department emphasized the importance of this development, stating, “This is a critical step in bringing the landmark, first-of-its-kind agreement into action and promoting coordination among the IPEF partners on building resilient, efficient, productive, sustainable, transparent, diversified, secure, fair, and inclusive supply chains.” This move signals a concerted effort among partner nations to enhance the resilience, efficiency, and inclusivity of their supply chains.