IPEF Participants Focus on Enhancing Supply Chain Collaboration in Chemicals and Semiconductors
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Seoul, Dec 12 (NationPress) Members of the Indo-Pacific Economic Framework (IPEF) convened virtually on Thursday to explore strategies for enhancing cooperation in global supply chains, focusing on chemicals, chips, and critical minerals, according to Seoul's industry ministry.
During this meeting, the members evaluated the progress made in implementing supply chain cooperation, which has been initiated in 11 of the 14 participating countries, and discussed plans for 2025, as reported by the Ministry of Trade, Industry and Energy, according to YOnhap news agency.
The IPEF, a global initiative launched by the United States in 2022, is structured around four main pillars: trade, supply chain resilience, clean economy, and fair economy.
In the meeting, South Korea, serving as the chair of a committee focused on supply chain crises within the IPEF, assessed the coordination among members regarding potential market crises.
Furthermore, the members deliberated on strategies to enhance preparedness against disruptions in global supply chains by improving the capabilities of developing nations involved in the agreement, the ministry noted.
Currently, the IPEF faces uncertainties as U.S. President-elect Donald Trump has suggested the possibility of withdrawing from the agreement, citing possible negative impacts on the U.S. manufacturing sector.
In October, External Affairs Minister (EAM) S. Jaishankar met with US Commerce Secretary Gina Raimondo in Washington, DC, where they discussed IPEF and high-tech collaboration between their nations.
The discussions between the two ministers also addressed resilient supply chains, the Indo-Pacific Economic Framework, high technology cooperation, semiconductors, and business promotion.
They praised the advancements achieved thus far under the IPEF and reaffirmed their mutual commitment to furthering efforts to operationalize the IPEF agreements.
The IPEF, comprising 13 countries, represents a multilateral economic framework. Since its inception in May 2022, IPEF nations have engaged in rigorous discussions to define each pillar of the Framework.
