India signs supply chain resilience agreement under IPEF, with USA as chair and India as vice-chair

India has signed the supply chain Resileince Agreement in November 2023, under the Indo-Pacific Economic Framework for prosperity, a 14-member plurilateral grouping in the region, Ministry of Commerce and Industry said in a release. Union Minister of state for commerce and industry said in a release. Union Minister of State for commerce and industry, Jitin Prasada, in a written reply in the national security and economic stability. The agreement came into force on February 24, 2024. Under the agreement, a supply chain council has been set up with the US as chair and india as Vice-chair. IPEF partners represent approx. 40% of the global GDP and 28% of global goods and service trade, making it crucial for international trade dynamics. The Agreement seeks to strengthen economic, commercial, and trade relationships among enterprises in the economies of the Parties and improve supply chain resilience in critical sectors. Article 6.10 of the Agreement also encourages private sector engagement to improve the resilience, efficiency, productivity, sustainability inclusivity etc. of IPEF supply chains, the minister said quotes the release. Article 10 of the Agreement provides for identification of critical sectors or key goods by the IPEF partners towards ensuring national security, public