News:
As part of the Indo-Pacific Economic Framework (IPEF) initiative led by the United States of America, 14 Indo-Pacific partners have agreed on a joint approach to regional supply chains.
Substantial conclusion of the IPEF Supply Chain Agreement was announced on 27 May 2023, and the text subsequently went through a legal verification process. Once signed, the IPEF Parties can complete the approval procedures necessary for ratification and entry into force of the Agreement.
IPEF is a novel type of initiative that will provide new channels of collaboration amongst regional countries. Members of IPEF are Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Thailand, the United States of America, and Vietnam. Together the 14 represent 40% of world GDP.
Under the Supply Chain Agreement IPEF partners undertake to:
- Promote regulatory transparency in areas which may impact IPEF supply chains;
- Develop a shared understanding of global supply chain risks through each Party identifying their critical sectors and key goods in their supply chains;
- Monitor for and address supply chain vulnerabilities; and
- Promote responsible business conduct and transparency in terms of upholding labour rights in supply chains.
The text of the Agreement is available to read and download here [PDF, 318 KB].