Team Blitz India
New Delhi: India, the US and 12 other members of the Indo-Pacific Economic Framework (IPEF) have signed a supply chain resilience agreement that is aimed at helping reduce dependence on China, and shifting production of critical sectors and key goods to member countries.
IPEF has 14 members, including India, Australia, the US, Japan, Fiji, South Korea, New Zealand, Singapore and Thailand, representing 40% of the global gross domestic product and 28% of the global trade in goods and services.
The agreement was signed in San Francisco on November 15, where commerce and industry minister Piyush Goyal is attending the IPEF ministerial meeting.
“India joins US and 12 other Indo-Pacific Economic Framework for Prosperity partners to ink the #IPEF Supply Chain Resilience Agreement, a first-of-its-kind international agreement that will fortify and strengthen global supply chains, foster adaptability, stability and sustainability,” Goyal said in a post on social networking platform X.