Seoul, Dec 12 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.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor