The SCC adopted Phrases of Reference and mentioned preliminary work priorities, to be additional explored at its first in-person assembly to be held in Washington in September 2024 on the margins of the Provide Chain Summit. File
| Picture Credit score: AP
“India has been elected as Vice-Chair of the Provide Chain Council — one of many three our bodies arrange by the 14-member Indo-Pacific Economic Framework (IPEF) bloc,” the Commerce Ministry mentioned on July 31.
India and 13 different IPEF companions have established three our bodies below the IPEF’s settlement on provide chain resilience. The pact got here into drive in February 2024.
“The inaugural digital conferences of the Provide Chain Council [SCC], Disaster Response Community [CRN], and Labor Rights Advisory Board [LRAB] marked a step ahead for cooperation amongst associate nations for strengthening provide chain resilience within the area,” the Ministry mentioned.
The settlement will assist mitigate dangers of financial disruptions from provide chain shocks and enhance disaster coordination. It’ll additionally assist member nations like India to cut back their dependence on China and supply well timed info to the IPEF member nations about potential provide disruptions.
It added that the council was set as much as pursue focused, action-oriented work to strengthen the availability chains for these sectors and items most important to nationwide safety, public well being, and financial well-being.
Equally, the CRN would offer a discussion board for a collective emergency response to exigent or imminent disruptions; and the board would convey collectively employees, employers, and governments on the similar desk to strengthen labour rights and workforce growth throughout regional provide chains.
“Throughout conferences, every of the three provide chain our bodies elected a Chair and Vice-Chair, who will serve for a time period of two years,” it mentioned. It additional added that the U.S. will chair the council and the board whereas Korea and Japan shall be chair and vice chair for the community. Fiji is the vice-chair for the labour board.
It added that the SCC adopted Phrases of Reference and mentioned preliminary work priorities, to be additional explored at its first in-person assembly to be held in Washington in September 2024 on the margins of the Provide Chain Summit.
The disaster response community mentioned priorities, together with conducting a tabletop train, and deliberate its first in-person assembly to be held alongside with the summit.
“The Labour Rights Advisory Board mentioned priorities on strengthening labour rights throughout IPEF provide chains,” it mentioned.
IPEF was launched on Might 23, 2022, in Tokyo. The members are Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and the U.S.
The IPEF seeks to strengthen financial engagement and cooperation amongst associate nations with the purpose of advancing progress, financial stability and prosperity within the area.
The framework is structured round 4 pillars referring to Commerce (Pillar I), Provide Chain Resilience (Pillar II), Clear Economic system (Pillar III), and Honest Economic system (Pillar IV). India had joined Pillars II to IV of IPEF whereas it has maintained an observer standing in Pillar-I.
