Trade ministers of 14 countries in the U.S.-led Indo-Pacific Economic Framework (IPEF) talks 'substantially completed' a deal to make supply chains more resilient and secure, the Commerce Department said on Saturday, marking the first tangible results of the year-long negotiations.
U.S. Commerce Secretary Gina Raimondo speaks with delegates during the Indo-Pacific Economic Framework meeting in Detroit, Michigan U.S. May 27, 2023. REUTERS/Rebecca Cook
The deal provides an emergency communications channel for IPEF countries to seek support during supply chain disruptions, coordinate more closely during a crisis and recover more quickly. The supply chains agreement, also includes a new labor rights advisory board aimed at raising labor standards in supply chains, consisting of government, worker, and employer representatives.
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