US-led pact on supply chains to come into force in S. Korea next week
 .jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
The United States-led Indo Pacific Economic Framework (IPEF) relating to supply chain resilience, that also has India as its member, will enter into force in South Korea next week, Seoul's industry ministry said on Friday.
The initiative will enter into force from next Wednesday, 30 days after the country's deposition of its instrument of ratification for the initiative, in accordance with its provisions, the Ministry of Trade, Industry and Energy said.
The platform was launched by US President Joe Biden in 2022, involving 14 member nations, including South Korea, the US, Australia, India, Indonesia, Japan, Singapore, Thailand and Vietnam, reports Yonhap news agency.
The initiative has four pillars -- trade, supply chain resilience, a clean economy and a fair economy -- and they reached an agreement on the supply chain resilience pillar last year.
The IPEF supply chain agreement has so far come into force in five nations, including the U.S., Japan and India.
The agreement is meant to establish a framework for deeper collaborations among partner nations "to prevent, mitigate, and prepare for supply chain disruptions," such as those experienced in recent years from the COVID-19 pandemic, according to the ministry.
