What is the objective of the supply chain resilience agreement signed by India and 12 other IPEF members
India and 12 other IPEF members signed a supply chain resilience agreement.
The objective of the supply chain resilience agreement signed by India and 12 other IPEF (Indo-Pacific Economic Cooperation) members is to enhance and ensure the robustness of regional supply chains. Here are the key points:
- Promoting the development of resilient supply chains: The agreement aims to promote resilience in supply chains by reinforcing transparency, diversifying suppliers, and minimizing the risk of disruptions.
- Strengthening regional cooperation: The agreement seeks to foster cooperation among member countries in areas such as trade facilitation, digital connectivity, and efficient logistics to enhance supply chain resilience.
- Reducing dependence on single suppliers: The agreement emphasizes the need for diversification of supply sources and avoiding excessive dependency on a single country or supplier. This will help mitigate risks associated with disruptions and enhance the stability of supply chains.
- Enhancing competitiveness: By improving supply chain resilience, the agreement aims to enhance the competitiveness of member economies in the global market and strengthen their overall economic performance.
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a year ago