US Trade Representative Katherine Tai speaks to the press at the IPEF meeting in Detroit, USA on May 27.
The agreement was reached at a meeting in Detroit, the US, and is the first concrete outcome of IPEF since the US-led initiative was announced in May 2022, according to Kyodo News.
According to a statement released after the meeting, IPEF partner countries plan to develop a system to jointly identify risks to critical supply chains. They also aim to ensure timely delivery of critically important goods during crises.
IPEF represents about 40% of global GDP and currently includes Vietnam, Brunei, Indonesia, Philippines, Singapore, Thailand, Malaysia, the United States, Japan, South Korea, Australia, New Zealand, Fiji and India.
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