Key Points
The proposed supply chain agreement among the 14-member IPEF grouping would provide various benefits to India, including a potential shift of production centres in critical sectors and mitigating risks of economic disruptions from supply chain shocks, an official said on Wednesday..
Members of the bloc concluded the negotiations on the proposed agreement, one of the four pillars of the Indo-Pacific Economic Framework for Prosperity (IPEF), on May 27 in Detroit...
The other benefits include supply chain diversification, mobilisation of investments, deeper integration of India in global value chains, support to MSMEs and creation of a seamless regional trade ecosystem, which would facilitate the flow of Indian products, the official said...
Under the agreement, IPEF partners seek to provide a framework to build their collective understanding of significant supply chain risks; improve crisis coordination and response to supply chain disruptions; facilitate cooperation, mobilise investments, promote regulatory transparency in sectors and goods critical to the national security and public health and safety...
The network would deal with emergency issues and help partners to seek support during a supply chain disruption and to facilitate information sharing and collaboration among IPEF partners during a crisis, enabling a faster and more effective response that minimises negative effects on their economies...
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