IPEF Group commits to strengthening critical supply chains

US Trade Representative Katherine Tai speaks to the press at the IPEF meeting in Detroit, USA on May 27.

The agreement was reached at a meeting in Detroit, the US, and is the first concrete outcome of the IPEF since the US-led initiative was announced in May 2022, according to Kyodo News.

According to a statement issued after the meeting, IPEF partner countries plan to develop a system to jointly identify risks to critical supply chains. They also aim to ensure timely delivery of critically important goods during crises.

The IPEF represents about 40% of global GDP and currently includes Vietnam, Brunei, Indonesia, the Philippines, Singapore, Thailand, Malaysia, the United States, Japan, South Korea, Australia, New Zealand, Fiji and India.

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