Current Affair 1:

News:

Let me first take you to introduction.

In May 2022, the United States launched the Indo-Pacific Economic Framework for Prosperity, or IPEF, with a dozen initial Partners across the Indo-Pacific. IPEF is part of the Biden Administration's commitment to strengthening ties with allies and partners and tackling 21st-century economic challenges in the Indo-Pacific region.

The Framework also will provide tangible benefits that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region.

Partners to this framework:

The four pillars to this framework:

So, in this news, we will study Pillar II.

The Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement Relating to Supply Chain Resilience, generally referred to as the Supply Chain Agreement.

Under this Pillar II Agreement, three institutional bodies have been created namely,

1. Supply Chain Council (SCC),
2. Crisis Response Network (CRN) and
3. the Labour Rights Advisory Board (LRAB)

with specific functions to achieve the objectives of the Agreement.

In 2024, India has been elected as Vice-Chair of the Supply Chain Council.

India is now signatory to three out of the four pillars under the IPEF. India ratified the agreement on supply chain resilience (pillar II) earlier in February 2024 and maintains observer status for trade (pillar I) as the current terms are seen as less favourable for the country.

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