New Delhi: The United States made an announcement on Thursday stating that a significant agreement regarding the resilience of supply chains will be put into action on February 24. This groundbreaking agreement involves 14 partner nations, including countries like India, Japan and Australia.
Gina Raimondo, who serves as the US Commerce Secretary emphasized the collaborative approach among participating nations to strengthen supply chain resilience and minimize disruptions. The Indo Pacific Economic Framework for Prosperity (IPEF) agreement focuses on supply chain resilience and is scheduled to take effect later this month.
The US Department of Commerce highlighted the importance of this step by stating, "This is a milestone towards implementing a landmark agreement that has no precedent promoting coordination, among IPEF partners. Our aim is to establish efficient productive sustainable transparent diversified, secure, fair and inclusive supply chains." The department confirmed that the agreement will officially go into effect on February 24.