- India has been elected as Vice-Chair of the Supply Chain Council.
- Under the landmark Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement relating to Supply Chain Resilience, India and 13 other Indo-Pacific Economic Framework (IPEF) partners have established three supply chain bodies.
- The inaugural virtual meetings of the Supply Chain Council (SCC), Crisis Response Network (CRN), and Labor Rights Advisory Board (LRAB) are an important step toward cooperation among partner countries.
- Through these inaugural meetings, 14 IPEF partners reaffirmed their commitments to facilitate closer cooperation.
- Union Minister of Commerce and Industry, Piyush Goyal along with Ministers from other IPEF partner countries signed the first-of-its-kind IPEF Supply Chain Resilience Agreement.
- Its main objective is to make IPEF supply chains more resilient, robust and well-integrated.
- It contribute towards economic development and progress of the Indo-Pacific region as a whole.
During the meetings, each of the three supply chain bodies elected a Chair and Vice Chair.
- Supply Chain Council: USA (Chair) and India (Vice Chair)
- Crisis Response Network: Republic of Korea (Chair) and Japan (Vice Chair)
- Labor Rights Advisory Board: USA (Chair) and Fiji (Vice Chair)