Conclusion of IPEF Supply Chain Agreement Negotiations

30/05/2023    13

During May 26-27, the Ministerial Meeting of the Indo-Pacific Framework for Prosperity took place with the participation of 14 member countries and announced the conclusion of negotiations on the IPEF Supply Chain Agreement.

The conference was co-hosted by H.E. Ambassador Katherine Tai, United States Trade Representative, and the Honorable Gina Raimondo, Secretary of Commerce of the United States of America. The conference was attended by 14 member countries, including the United States, Japan, South Korea, Australia, New Zealand, Singapore, Malaysia, Indonesia, Philippines, Thailand, India, Brunei, Fiji and Vietnam.

The proposed agreement aims to enhance the resiliency, efficiency, productivity, sustainability, transparency, diversification, security, fairness and inclusivity of the supply chain across both its operations. cooperative action and individual action taken by each IPEF member.

This is the world's first multilateral cooperation agreement on the supply chain of important goods and technologies, said Japanese Minister of Economy, Trade and Industry Yasutoshi Nishimura.

The countries will continue to take the next steps, including domestic consultations and legal review, to finalize the text and prepare for the signing and ratification of the content of the IPEF Supply Chain Agreement in the coming time.

The Press Statement on the Conclusion of IPEF Supply Chain Agreement Negotiations is attached below: