IPEF members discuss response to supply chain disruptions caused by Middle East crisis

Members of the Indo-Pacific Economic Framework (IPEF) held a virtual meeting Tuesday to discuss the response to global supply chain disruptions caused by the ongoing Middle East conflict, Seoul's industry ministry said. The fifth round of the IPEF supply chain response meeting was held and attended by nine member nations, including Korea, Australia, Japan and Singapore, according to the Ministry of Trade, Industry and Resources. The IPEF is a global initiative launched by the United States in 2022. The arrangement has four pillars — trade, supply chain resilience, clean economy and fair economy. Korea is the chair country of the IPEF's supply chain crisis response network. In Tuesday's meeting, the IPEF members discussed the impact of the U.S.-Israeli war against Iran on their supply chains of crude oil, liquefied natural gas and industrial materials, and agreed to boost the joint response to global supply chain volatility through information sharing and diversification of shipping routes. They also discussed the selection process for the next chair country, as the end of Korea's termWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times