Business News | Supply Chain Council Formed Under Indo-Pacific Agreement with US as Chair, India Vice-Chair
Get latest articles and stories on Business at LatestLY. The Agreement, signed in November 2023 and effective from February 24, 2024, seeks to enhance supply chain stability, particularly in critical sectors vital for national security, economic stability, and public health.
New Delhi [India], December 4 (ANI): In a step towards bolstering supply chain resilience, a Supply Chain Council (SCC) has been established under the Supply Chain Resilience Agreement, a key component of the Indo-Pacific Economic Framework for Prosperity (IPEF).
According to the Ministry of Commerce and Industry, the United States has assumed the role of Chair, with India serving as Vice-Chair, reflecting the deepening collaboration between these two major economies.
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The Agreement, signed in November 2023 and effective from February 24, 2024, seeks to enhance supply chain stability, particularly in critical sectors vital for national security, economic stability, and public health.
The IPEF, comprising 14 member countries, collectively represents around 40 per cent of global GDP and 28 per cent of global trade, underscoring its pivotal role in international economic dynamics.
The first SCC meeting, held in Washington in September 2024, laid the groundwork for Action Plan Teams targeting key areas such as semiconductors, critical minerals, and chemicals.
India has expressed its willingness to lead efforts in the healthcare and pharmaceutical sector, demonstrating its commitment to addressing global supply chain vulnerabilities.
Additionally, two sub-committees have been formed under the SCC, focusing on logistics and movement of goods, and data analytics, to streamline operations and enhance decision-making processes.
India also participated in the inaugural Crisis Response Network meeting in September 2024, which included a tabletop exercise designed to prepare member nations for potential supply chain disruptions.
This exercise aims to improve response times and coordination in real-world scenarios of economic and logistical crises.
The Union Minister of State for Commerce and Industry, Jitin Prasada, informed the Lok Sabha that India has signed two Memoranda of Understanding (MoUs) with the United States over the past two years.
These agreements focus on semiconductor and critical mineral sectors, critical for ensuring supply chain resilience in emerging industries.Article 6.10 of the Agreement underscores the importance of private sector participation in improving supply chain resilience, efficiency, and sustainability.
Collaborative efforts with industry leaders, academia, and experts are underway in India to identify critical sectors and key goods for enhanced cooperation with IPEF partners. (ANI)
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