Washington coordinates 14-country supply chain agreement

Robert Besser
01 Jun 2023, 13:59 GMT+10

Trade ministers from 14 countries have taken part in the US-led IPEF talks and "substantially completed" an agreement to make supply chains more resilient and secure
The agreement is the first tangible result of the year-long negotiations, it added
US Commerce Secretary Gina Raimondo said that the "first of its kind" agreement calls for countries to form a council to coordinate supply chain activities

WASHINGTON D.C.: The U.S. Commerce Department has said that trade ministers from 14 countries have taken part in the US-led Indo-Pacific Economic Framework (IPEF) talks, and "substantially completed" an agreement to make supply chains more resilient and secure.

The agreement is the first tangible result of the year-long negotiations, a statement following the talks said.

The fourteen nations that agreed to establish a Labour Rights Advisory Board comprised Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the U.S., and Vietnam.

The proposed agreement would establish a new advisory board, consisting of government, worker, and employer representatives, as well as a subcommittee composed of government representatives, to support the IPEF partners promotion of labour rights, the statement added.

During a press conference in Detroit, U.S. Commerce Secretary Gina Raimondo said that the "first of its kind" agreement calls for countries to form a council to coordinate supply chain activities, as well as a "Crisis Response Network" to give early warnings to IPEF countries of potential supply disruptions.

She also noted the semiconductor shortages during the COVID-19 pandemic that shut down American auto production, leaving thousands of workers without paychecks.

"I can tell you, I would have loved to have had that Crisis Response Network during COVID. It absolutely would have helped us secure American jobs and keep supply chains moving," she said, as quoted by The Associated Press.

One of four "pillars" in the IPEF talks, the Commerce Department led the supply chains negotiations, representing the Biden administration's main economic initiative in Asia to provide countries in the region with an alternative to closer ties with China.

China did not take part in the IPEF talks but participated in the Asia Pacific Economic Cooperation (APEC) trade talks in Detroit that ended last week, which pledged to develop more inclusive trade.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Tampa Star.

More Information

26 ℃

Fair in Tampa

International

Section

China wants Hong Kong consulates to give personal data of local staff

HONG KONG: The Chinese Foreign Ministry has issued a request to all foreign consulates in Hong Kong, seeking the personal ...

Rattlesnake bites Amazon driver in Florida during delivery

MARTIN COUNTY, Florida: An Amazon driver making a delivery to a Florida home this week was bitten by a rattlesnake ...

Canada's TMX expansion may triple oil flow to country's Pacific Coast

CALGARY, Canada: From early 2024, the long-delayed and controversial Canadian government-owned Trans Mountain oil pipeline expansion (TMX) is expected to ...

Pakistan's Supreme Court proceedings go live on state TV

ISLAMABAD, Pakistan: Pakistan's Supreme Court proceedings were broadcast live on state television on Monday, providing an unprecedented glimpse into the ...

9 teenagers caught after escaping from Pennsylvania detention center

MORGANTOWN, Pennsylvania: Pennsylvania state police said that nine teenage boys who escaped from the Abraxas Academy detention center this week ...

3,000 homeless in Anchorage looking for a place to stay before winter

ANCHORAGE, Alaska: Anchorage is struggling to find housing options for more than 3,000 homeless residents, as the city's mass shelter ...

Business

Section