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IPEF supply chain deal to take effect Feb. 24 - 1 February 2024

IPEF supply chain deal to take effect Feb. 24

The U.S. Commerce Department said Wednesday that an Indo-Pacific Economic Framework for Prosperity agreement on supply chains will come into effect Feb. 24.

Under the deal, the 14 members of the framework, including Japan, the United States and Australia, will select important items to be covered by the agreement and establish organizations to strengthen supply chains.

Five member countries—Japan, the United States, India, Singapore and Fiji—have completed their approval procedures for the IPEF supply chain deal, allowing it to enter into force.

U.S. Commerce Secretary Gina Raimondo said that the IPEF members have delivered "tangible outcomes in record time."

"With the IPEF Supply Chain Agreement shortly entering into force, we will now move forward and work collaboratively through this innovative framework with the goal of strengthening our supply chains and preventing potential disruptions before they arise for the collective benefit of our countries’ workers and businesses," she added.