The agreement to ensure supply chain stability, with the participation of the US, Japan and economies in the Indo-Pacific region, took effect on February 24.
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| Illustrative photo. (Source: AFP/VNA). |
The agreement to ensure supply chain stability, with the participation of the US, Japan and economies in the Indo-Pacific region, took effect on February 24.
It is seen as the first multinational agreement outlining steps to enhance cooperation in the face of serious disruptions to regional supply chains.
The agreement, negotiated by the parties under the Indo-Pacific Economic Cooperation Framework for Prosperity (IPEF) launched in 2022, allows countries to support each other to ensure essential items during times of disruption to supply chains such as during the pandemic.
Of the 14 countries participating in the IPEF negotiations, five, including the United States, Japan, Fiji, India and Singapore, have begun implementing the agreement after completing necessary domestic procedures.
The supply chain agreement was agreed by the parties in May 2023 and signed in November 2023. This is the first agreement to come into effect among the agreements that the countries have agreed.
Under the agreement, countries identify essential sectors and commodities while developing action plans, providing recommendations to enhance stability and competitiveness for these categories.
The IPEF negotiating countries will also establish a Supply Chain Crisis Response Network, which will provide an emergency communication channel and enhance information exchange, providing a platform to request and offer assistance in responding to supply chain disruptions.
IPEF currently includes 14 negotiating countries, accounting for about 40% of global gross domestic product (GDP), including Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand, the United States and Vietnam. The countries have reached agreements on almost all pillars, except trade.
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