India has been elected as the Vice-Chair of the Supply Chain Council (SCC) of the Indo-Pacific Economic Framework (IPEF), enhancing its role in regional supply chain resilience.
Other Recently established bodies:
- Crisis Response Network (CRN): Provides a forum for collective emergency response to disruptions.
- Labour Rights Advisory Board (LRAB): Focuses on strengthening labor rights and workforce development in regional supply chains.
About IPEF:
- Launched in 2022, in Tokyo, IPEF aims to bolster economic engagement and cooperation among member countries.
- Pillars of IPEF:
- Pillar I: Trade
- Pillar II: Supply Chain Resilience
- Pillar III: Clean Economy
- Pillar IV: Fair Economy
- India’s Participation: India is a member of Pillars II to IV and maintains observer status in Pillar I.
- Members (14): Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and USA.
Significance:
- Enhanced Regional Cooperation: Strengthens supply chain resilience across member countries.
- Economic Stability: Contributes to economic growth, stability, and prosperity in the Indo-Pacific region.
About Supply Chain Council (SCC):
- It aims to pursue targeted, action-oriented work to strengthen supply chains for those sectors and goods most critical to national security, public health, etc.
- Council’s Mandate:
- Strengthen Supply Chains: Focus on sectors and goods critical to national security, public health, and economic stability.
- Mitigate Risks: Address supply chain shocks and improve crisis coordination.
- Reduce Dependence: Help member countries reduce reliance on China and provide timely information on potential disruptions.
Measures taken for SCR by India:
- Global: Supply Chain Resilience Initiative (Australia, India, and Japan), Quad Supply Chain Initiative, etc.
- National: PM Gati Shakti National Master Plan, National Logistics Policy, PLI Scheme for different sectors, etc.
Ref: Source
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Frequently Asked Question:
What is the main purpose of the Supply Chain Council (SCC) within the IPEF?
The main purpose of the SCC is to pursue targeted, action-oriented work to strengthen supply chains for sectors and goods critical to national security, public health, and economic stability.
What recent role has India assumed within the IPEF’s Supply Chain Council?
India has been elected as the Vice-Chair of the Supply Chain Council of the IPEF.
What are the four pillars of the Indo-Pacific Economic Framework (IPEF), and which does India participate in?
The four pillars of IPEF are Trade, Supply Chain Resilience, Clean Economy, and Fair Economy. India is a member of Pillars II to IV and maintains observer status in Pillar I.
What is the significance of India’s election as Vice-Chair of the SCC within the IPEF?
India’s election as Vice-Chair enhances its role in regional supply chain resilience, contributing to economic growth, stability, and prosperity in the Indo-Pacific region, and strengthening cooperation among member countries.