India Elected Vice-Chair of IPEF Supply Chain Council: Key Details
| Event | Details |
|---|---|
| India's Role | Elected as Vice-Chair of the Supply Chain Council under the Indo-Pacific Economic Framework for Prosperity (IPEF). |
| Key Bodies and Leadership | - Supply Chain Council: USA (Chair), India (Vice Chair)- Crisis Response Network: Republic of Korea (Chair), Japan (Vice Chair)- Labor Rights Advisory Board: USA (Chair), Fiji (Vice Chair) |
| Objectives and Meetings | - Supply Chain Council: Terms of Reference adopted; first in-person meeting in Washington, D.C., September 2024.- Crisis Response Network: Tabletop exercise planned; inaugural meeting alongside Supply Chain Summit.- Labor Rights Advisory Board: Focus on enhancing labor rights across IPEF supply chains. |
| Agreement Benefits | - Aims to mitigate economic disruptions from supply chain shocks.- Improves crisis coordination among member countries.- Reduces dependency on China; provides timely updates on potential supply disruptions.- Strengthens supply chains for critical sectors: national security, public health, and economic well-being. |
| IPEF Overview | - Launched on May 23, 2022, in Tokyo.- 14 Members: Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, and the U.S.- Four Pillars: Trade (Pillar I), Supply Chain Resilience (Pillar II), Clean Economy (Pillar III), Fair Economy (Pillar IV).- India participates in Pillars II to IV; observer status in Pillar I. |