U.S. and IPEF Partners Hold First In-Person Meetings of the IPEF Supply Chain Council and the IPEF Crisis Response Network
Sep 16, 2024
This week, the U.S. Department of Commerce held the first in-person meetings of the Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement’s Supply Chain Council on Thursday, September 12, followed by the Crisis Response Network on Friday, September 13.
The IPEF Supply Chain Council meeting, chaired by the United States, included representatives from all IPEF member countries: Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States, and Vietnam. Building on the momentum from the Council’s virtual meeting in July, the Council adopted a first-year workplan and established two Subcommittees: one on Logistics and Movement of Goods, and the other on Data and Analytics. The Council also established three Action Plan teams on semiconductors, chemicals, and critical minerals with a focus on batteries. Additionally, the Council plans to establish an Action Plan team on healthcare in the coming weeks. These topics were determined based on critical sectors and key goods that were formally identified by IPEF Parties for cooperation under the IPEF Supply Chain Agreement.
“The IPEF Supply Chain Council plays a pivotal role in strengthening the resilience and security of supply chains across the Indo-Pacific region,” said Secretary of Commerce Gina Raimondo. “By working together, we are not only addressing vulnerabilities but also creating new opportunities for sustainable economic growth and prosperity.”
After the in-person meeting of the IPEF Supply Chain Council, the Crisis Response Network (CRN) convened to discuss ways to enhance collaboration across IPEF. Chaired by the Republic of Korea, the CRN is focused on addressing immediate supply chain disruptions. During the meeting, the members of the CRN conducted an emergency simulation exercise involving a supply chain disruption impacting the import and use of certain chemicals by IPEF countries.
“The United States was honored to host these historic meetings,” said Assistant Secretary of Commerce for Industry and Analysis Grant T. Harris. “The meetings of the IPEF Supply Chain Council and Crisis Response Network allowed us to map out the strategic and tactical next steps for both bodies to advance the resilience and security of our regional supply chains.”
The U.S. Department of Commerce is committed to actively engaging in the Action Plan teams and Subcommittees as we work together to develop actionable policies and recommendations aimed at enhancing supply chain resilience across the IPEF region. Further, we look forward to the next Supply Chain Council meeting, which is scheduled to take place in December 2024.
About IPEF
In May 2022, President Biden launched IPEF, bringing together 14 regional partners – Australia, Brunei, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States, and Vietnam – in a new model of economic cooperation. IPEF negotiations began in late 2022. In May 2023, the IPEF partners announced the substantial conclusion of the negotiations for a first-of-its-kind IPEF Supply Chain Agreement. In November 2023, the IPEF partners announced the substantial conclusion of the negotiations on the proposed IPEF Clean Economy and Fair Economy Agreements, as well as on a proposed overarching Agreement on IPEF to help ensure the durability of the framework and held a signing ceremony for the IPEF Supply Chain Agreement, which entered into force on February 24, 2024.
Read the full report from the U.S. Department of Commerce: Read More
