Next meeting of IPEF's Supply Chain Council in Dec: Commerce Ministry

The Commerce Ministry announced that the next meeting of the Supply Chain Council, established under the 14-member Indo-Pacific Economic Framework for Prosperity (IPEF), will take place in December. The IPEF, launched by the United States and partner countries in the Indo-Pacific region on May 23, 2022, in Tokyo, represents 40% of the world's economic output and 28% of global trade.

Comprising Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the US, and Vietnam, the IPEF is structured around four main pillars: trade, supply chains, clean economy, and fair economy. India participates in all pillars except for trade.

The Supply Chain Resilience Agreement, which aims to bolster supply chains through collaboration among member countries, took effect on February 24. As part of this framework, three key institutional bodies were formed: the Supply Chain Council (SCC), the Crisis Response Network (CRN), and the Labour Rights Advisory Board (LRAB). The US serves as the Chair of the SCC, with India in the role of Vice Chair.

The inaugural meeting of the Supply Chain Council was held in Washington, DC, on September 12, where three action plan teams were established to focus on semiconductors, critical minerals (with an emphasis on batteries), and chemicals. Additionally, there is an agreement among member countries to create a new action plan team targeting the healthcare and pharmaceutical sectors.
These teams are expected to begin their work soon, aiming to develop recommendations for enhancing resilience in the supply chains of these critical sectors and key goods. The upcoming December meeting will further address collaborative efforts and ongoing concerns within the supply chain landscape.