The Department of Commerce and its 14 partner countries under the Indo-Pacific Economic Framework for Prosperity Agreement held their first meeting as part of their supply chain agreement this week.
The virtual meetings marked one of the first formal steps to fortify supply chains along Pacific Ocean trade routes. Three entities created under the agreement – the Supply Chain Council, the Crisis Response Network and the Labor Rights Advisory Board – met to elect chairs and vice chairs.
The July 30 meetings brought together leaders from the 14 IPEF member countries: Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the U.S. and Vietnam.
They built on momentum from a June gathering in Singapore, where Commerce Secretary Gina Raimondo and other IPEF leaders signed three agreements, including the Clean Economy Agreement, Fair Economy Agreement and the Agreement on IPEF.
The IPEF trade agreement went into effect in February, with the aim to improve data sharing, foster warehousing near ports, identify and mitigate other logistical bottlenecks and supply chain disruptions and share best policy practices.
Leaders will meet for the first time in-person next month in Washington, D.C.
