Seoul, Dec 12 (IANS) Members of the Indo-Pacific Economic Framework (IPEF) on Thursday held a virtual meeting to discuss ways to expand cooperation in global supply chains, including chemicals, chips and critical minerals, Seoul’s industry ministry said.
During the meeting, the members reviewed progress in the implementation of supply chain cooperation, which has come into effect in 11 of the 14 participating nations, and assessed plans for 2025, according to the Ministry of Trade, Industry and Energy, reports YOnhap news agency.
The IPEF is a global initiative launched by the United States in 2022. The arrangement has four pillars — trade, supply chain resilience, clean economy and fair economy.
During the meeting, South Korea, as the chair of a body dedicated to addressing supply chain crises under the IPEF, reviewed coordination among members regarding possible market crises.
The members also discussed ways to bolster readiness against disruptions in global supply chains by enhancing developing nations’ capabilities within the agreement, the ministry added.
The IPEF, meanwhile, currently faces uncertainties as U.S. President-elect Donald Trump has hinted at scrapping the agreement, citing potential adverse impacts on the U.S. manufacturing industry.
In October, External Affairs Minister (EAM) S. Jaishankar met US Commerce Secretary Gina Raimondo in Washington, DC, and discussed IPEF alongside high technology cooperation between the two countries.
The talks between the two Ministers also covered resilient supply chains, Indo-Pacific Economic Framework, high technology cooperation, semiconductors and business promotion.
They also commended the progress made till now under the IPEF, and reiterated their shared commitment to continuing to advance the work to operationalise the IPEF agreements.
IPEF, a group of 13 countries, is a multilateral economic framework. Since its launch in May 2022, IPEF countries have engaged in intensive discussions to scope out each pillar of the Framework.
—IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
