The agreement aimed to mitigate risks from economic disruptions caused by supply chain shocks and improve crisis coordination. It was designed to help member countries, including India, reduce their dependence on China and provide timely information about potential supply disruptions.

The council was established to pursue targeted, action-oriented work to strengthen supply chains for sectors and goods critical to national security, public health, and economic well-being. The CRN would serve as a forum for a collective emergency response to imminent disruptions, while the LRAB aimed to bring together workers, employers, and governments to enhance labor rights and workforce development across regional supply chains.

During the meetings, each of the three bodies elected a Chair and Vice-Chair to serve a two-year term. The U.S. was designated to chair both the SCC and the LRAB, while Korea and Japan took on the roles of chair and vice-chair for the CRN. Fiji was elected as the vice-chair for the labor board.

The SCC adopted its Terms of Reference and outlined initial work priorities to be further discussed at its upcoming in-person meeting. The CRN prioritized conducting a tabletop exercise and also planned its first in-person meeting to align with the summit. Meanwhile, the LRAB focused on strengthening labor rights across IPEF supply chains.

Launched on May 23, 2022, in Tokyo, the IPEF includes members such as Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, Vietnam, and the U.S. The framework sought to strengthen economic engagement and cooperation among partner countries, with the goal of advancing growth, economic stability, and prosperity in the region. It was structured around four pillars: Trade (Pillar I), Supply Chain Resilience (Pillar II), Clean Economy (Pillar III), and Fair Economy (Pillar IV). India participated in Pillars II to IV while maintaining observer status in Pillar I.