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REUTERS/Brittany Hosea-Small The Indo-Pacific Economic Framework (IPEF) Leaders event at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023.
Jiji Press
16:01 JST, February 25, 2024
WASHINGTON (Jiji Press) — An Indo-Pacific Economic Framework for Prosperity agreement on supply chains came into effect on Saturday, with the 14 member countries, including Japan and the United States, to designate important items and strengthen supply chains.
The member countries will also establish a system to facilitate cooperation to deal with possible supply chain disruptions caused by disasters.
The IPEF initiative, announced by U.S. President Joe Biden in May 2022 in light of China’s increasingly hegemonic behavior, aims to create common rules in the areas of trade, clean economy, fair economy, and supply chains.
Donald Trump, the front-runner in the Republican nomination race for this year’s U.S. presidential election, has suggested that he would pull the United States out of the IPEF initiative if elected.
The IPEF members signed the supply chain agreement last November. Under the deal, they will draw up action plans for items designated as important by three or more members to diversify supply sources and overcome logistical weaknesses.
The agreement also includes mechanisms to protect the rights of related workers.
The IPEF members have also reached substantial agreements on clean economy and fair economy. But talks on trade have stalled as the United States is divided over rules for the digital economy.
