India is set to play a crucial role in developing a resilient Supply Chain in the Indo-Pacific region as it has been elected the Vice-Chair of the Supply Chain Council.
Notably, India and 13 other Indo-Pacific Economic Framework (IPEF) partners have established three supply chain bodies under the landmark Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement relating to Supply Chain Resilience.
During the meetings, each of the three supply chain bodies elected a Chair and Vice-Chair, who will serve for a term of two years.
The elected chairs and vice-chairs are: Supply Chain Council: USA (Chair) and India (Vice Chair); Crisis Response Network: Republic of Korea (Chair) and Japan (Vice Chair); Labor Rights Advisory Board: USA (Chair) and Fiji (Vice Chair).
The Supply Chain Council adopted Terms of Reference and discussed initial work priorities, to be further explored at its first in-person meeting to be held in Washington, D.C. in September 2024 on the margins of Supply Chain Summit.
The Crisis Response Network discussed near and longer-term priorities, including conducting a table top exercise, and planned its first in-person meeting to be held alongside with the Supply Chain Summit. The Labor Rights Advisory Board discussed priorities on strengthening labor rights across IPEF supply chains.
The agreement will help mitigate risks of economic disruptions from supply chain shocks and improve crisis coordination.
It will also help member countries like India to reduce their dependence on China and provide timely information to the IPEF member countries about potential supply disruptions.
The council was set up to pursue targeted, action-oriented work to strengthen the supply chains for those sectors and goods most critical to national security, public health, and economic well-being.
Similarly, the Crisis Response Network would provide a forum for a collective emergency response to exigent or imminent disruptions; and the board would bring together workers, employers, and governments at the same table to strengthen labour rights and workforce development across regional supply chains.