IPEF discusses ways to push greater chemicals trade

New Delhi: The 14 members of the Indo-Pacific Economic Framework (IPEF) on Thursday discussed ways to promote greater chemicals trade and diversification of sources in the sector, an official statement said.

The discussions happened in the second meeting of the Supply Chain Council (SCC), which was set up by the IPEF bloc under the supply chain agreement.

The commerce ministry said that the chair (US) of the council shared an update on the APT (action plan team) on chemicals.


"In this, efforts are being made to promote greater chemicals trade and diversify sources through various work streams and enhance international business matchmaking," the ministry added.

Additionally, updates were shared on the critical minerals, semiconductors and pharma/healthcare action plan teams, emphasising collaboration and the development of practical work plans to address supply chain challenges in these sectors, it said.

India is the vice-chair of this council.

IPEF was launched on May 23, 2022, in Tokyo. The members are Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and the US.

The framework is structured around four pillars relating to Trade (Pillar I), Supply Chain Resilience (Pillar II), Clean Economy (Pillar III), and Fair Economy (Pillar IV).

India has joined Pillars II to IV of IPEF while it maintained an observer status in Pillar I. India has proposed to host the next in-person meeting of IPEF early next year, the ministry said.