Blitz Bureau
NEW DELHI: In a significant milestone, the 14 partner countries of the Indo-Pacific Economic Framework (IPEF) have established three councils to strengthen economic cooperation in the region and India has been elected as Vice-Chair of the Supply Chain Council, the Commerce and Industry Ministry announced on July 31.
The step has been taken under the landmark Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement relating to Supply Chain Resilience as the world looks for an alternative to China for the production of goods.
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, the Commerce Ministry said.
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 labour rights, according to the official statement.
