India has been elected as Vice Chair of the Supply Chain Council. The Ministry of Commerce and Industry termed it a significant milestone for the country. The Ministry said that India and 13 other Indo-Pacific Economic Framework (IPEF) partners have established three supply chain bodies under the landmark Indo-Pacific Economic Framework for Prosperity Agreement relating to supply chain resilience.
The Ministry said that the USA has been elected as Chair of the Supply Chain Council. It added that Korea was elected as Chair and Japan as Vice Chair of the Crisis Response Network, while for the Labour Rights Advisory Board, the USA is Chair and Vice Chair is from Fiji.
The Ministry said that through the inaugural meetings, 14 IPEF partners reaffirmed their commitments and collective resolve to facilitate closer cooperation to strengthen the resilience and competitiveness of critical supply chains. During the meetings, each of the three supply chain bodies elected a Chair and Vice Chair, who will serve for a term of two years.
Supply Chain Resilience is a pillar out of four pillars under the IPEF framework. IPEF was launched in May 2022 in Tokyo, Japan, comprising 14 countries. The IPEF seeks to strengthen economic engagement and cooperation among partner countries to advance growth, economic stability, and prosperity in the region. India signed a supply chain resilience agreement in November 2023. The agreement was ratified in February this year and has been in force since then.
