Press Release
☷U S Department of Commerce Announces Upcoming Entry into Force of the IPEF Supply Chain Agreement
U.S. Department of Commerce ( By Press Release office)
Feb 01,2024
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The U . S . Department of Commerce just announced that the Supply Chain Agreement , also known as the Indo - Pacific Economic Framework for Prosperity ( IPEF ) Agreement , will come into effect on February 24 , 2024 . This agreement is a big deal as it aims to strengthen and coordinate supply chains among the 14 IPEF partners , including the United States , Australia , Japan , and others . It ' s all about preventing disruptions like the ones we ' ve seen during the COVID - 19 pandemic . Secretary of Commerce Gina Raimondo is excited about the progress and collaboration this agreement will bring . So far , five partners have already ratified the agreement . Starting from February 24 , 2024 , the focus in the next few months will be on achieving various milestones mentioned in the Agreement . These milestones involve establishing three supply chain bodies - the Supply Chain Council , Crisis Response Network , and Labor Rights Advisory Board . Some of the tasks include selecting representatives for these bodies by March 25 , choosing the Chair for each body by April 24 , and finalizing the terms of reference by June 23 . Additionally , each country needs to identify and inform their partners about their critical sectors and key goods within 120 days of the Agreement ' s entry into force . Lastly , guidelines for reporting labor rights inconsistencies in IPEF supply chains should be developed by August 22 . The negotiation of the IPEF Supply Chain Agreement took place following the Ministerial Statement on Pillar II ( Supply Chains ) that was released during the IPEF Ministerial meeting in September 2022 in Los Angeles , California . After approximately six months of negotiations , the agreement ' s text was made public in September 2023 . On November 14 , 2023 , Secretary of Commerce Gina Raimondo and her counterparts formally signed the groundbreaking agreement in San Francisco , California .
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