Piyush Goyal Signs The IPEF Supply Chain Resilience Agreement

Indian Commerce Minister, Piyush Goyal,  has signed one of its kind the IPEF [Indo-Pacific Economic Framework for Prosperity] Supply Chain Resilience Agreement. He is on a visit of a four-day to the United States. The minister has participated in many events and signed some agreements.

Piyush Goel signs IPEF Agreement [Credit-The Print]

Union Minister signed the first of its kind supply chain resilience agreement in the US. On 13th November, The minister participated in the Investors Round Table. It is organized collectively by the US-India Strategic Partnership Forum and Indiaspora.

Piyush Goyal Signs The IPEF Supply Chain Resilience Agreement:

IPEF is an abbreviation of the Indo-Pacific Economic Framework for Prosperity. India has signed the reputed agreement and joined with the US and 12 other Indo-Pacific Economic Framework for Prosperity partners.

Union Minister said the IPEF supply chain resilience agreement will "fortify and strengthen" the global supply chain. Other signatory countries are Australia, Brunei Darussalam, Fiji Indonesia, Japan, The Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.

About The Indo-Pacific Economic Framework for Prosperity [IPEF] Agreement:

The IPEF global supply chain resilience could be a countermeasure of massive supply reliance on China. The world has faced severe supply disruptions, especially during the Covid wave.

IPEF Supply Chain Resilience Agreement Released [Credit-East Asia Forum]

Under the agreement, the IPEF partners will provide a framework for a collective understanding of significant supply chain risks, like improving crisis coordination and response to supply chain disruptions. 

The framework agreement will also ensure that a sufficient number of skilled workers and businesses, especially micro, small, and medium-sized enterprises benefit from robust, resilient, and efficient supply chains. It will focus on upskilling and reskilling of workers.

Piyush Goyal Described First-of-Its-Kind International Agreement:

The Minister wrote a post on X after signing the agreement, " First of its kind international agreement will fortify and strengthen the global supply chain." He also thanked his US counterpart Gina Raimondo for her leadership and personal commitment towards a more resilient future.

The IEPF was launched on May 23, 2022, in Tokyo, Japan last year. According to the US Department of Commerce, there have been server IPEF ministerial statements that worked constructively. There have been four rounds of in-person negotiations and several virtual meetings held.

Summit for IPEF Agreement [Credit-Nikkei Asia]

The Commerce and Industry Minister visited the Tesla Factory Unit in Fremont and interacted with the senior officials of the company. The Minister stated that the US electric car maker is on its way to double its component imports from India.

He wrote on X that "delighted" to see Indian engineers and finance professionals working in senior positions and contributing to Tesla's pioneering journey.

Thanks and Regards

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