On 23 May 2022, the Indo-Pacific Economic Framework for Prosperity (IPEF) was launched. IPEF aims to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for the 14 IPEF partners. IPEF also will provide tan...
On 23 May 2022, the Indo-Pacific Economic Framework for Prosperity (IPEF) was launched. IPEF aims to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for the 14 IPEF partners. IPEF also will provide tangible benefits that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region.
IPEF includes Pillar I (Trade), II (Supply Chains), III (Clean Economy), and IV (Fair Economy). On 27 May 2023, Ministers of the 14 IPEF countries announced the substantial conclusion of negotiations on Pillar II (Supply Chains), and on 7 September 2023, the text of the IPEF Supply Chain Agreement was published. The IPEF Supply Chain Agreement aims to increase the resilience, efficiency, productivity, sustainability, transparency, diversification, security, fairness, and inclusivity of their supply chains through both collaborative activities and individual actions taken by each IPEF partner.
The Supply Chain Agreement is designed to enable IPEF partners to work together collaboratively to make supply chains more resilient, efficient, transparent, diversified, secure, and inclusive, including through information exchange, sharing of best practices, business matchmaking, collective response to disruptions, and supporting labor rights. It is also designed to facilitate a reliable supply of critical goods during a time of crisis.