India elected as Vice-Chair of the Supply Chain Council

Current Context : Recently, India has been elected as vice-chair of the supply chain council.

• It is one of the three bodies set up by the 14-member Indo-Pacific Economic Framework (IPEF) bloc, the commerce and industry ministry.
• The council was set up under the IPEF Supply Chain Resilience Agreement, which aims to help mitigate risks of economic disruptions from supply chain shocks, improve crisis coordination, and reduce the member countries’ dependence on China.

ABOUT INDO-PACIFIC ECONOMIC FRAMEWORK (IPEF)

• It is an initiative launched by the United States to enhance economic cooperation in the Indo-Pacific region.
• Launched : in May 2022.
• Purpose : To strengthen economic ties, promote sustainable economic growth, and ensure the security and resilience of supply chains in the Indo-Pacific region.
• Participating Countries: Includes countries in the Indo-Pacific region such as the United States, India, Japan, South Korea, Australia, and several Southeast Asian nations.
• One of its key pillars is the Supply Chain Pillar, which aims to improve the resilience, security, and efficiency of supply chains across the region.