While differences prevented the Asia-Pacific Economic Cooperation (APEC) from issuing a joint statement recently, the latest economic bloc Indo-Pacific Economic Framework for Prosperity (IPEF) managed to reach an agreement on supply chains, which is one of the four pillars of this grouping.
The proposed IPEF Supply Chain Agreement will have three new IPEF supply chain bodies to facilitate cooperation on supply chain issues. The IPEF Supply Chain Council will establish a mechanism to develop sector-specific action plans for critical sectors and key goods to enhance the resilience of IPEF partners supply chains. The IPEF Supply Chain Crisis Response Network would establish an emergency communications channel to seek support during a supply chain disruption. The IPEF Labour Rights Advisory Board will consist of government, workers and employer representatives on labour rights and sustainable trade and .