Ministers from the United States, Japan, the Philippines, and 11 other Indo-Pacific nations will agree at their meeting Saturday in Detroit to bolster supply chains for chips, medicine, and other critical items in the event of an emergency under a US--
Detroit to bolster supply chains for chips, medicine, and other critical items in the event of an emergency under a US-led economic initiative, sources familiar with the matter said Friday.
IPEF represents 40 percent of global gross domestic product, and could help counter China’s economic influence in the region. The IPEF partners, also including Australia, Indonesia, India, South Korea and Thailand, aim to respond to emergencies more promptly, ensuring the procurement of vital goods and sharing of information, under a new scheme, according to the sources.
It is also regarded as a symbol of the world’s biggest economy’s reengagement in the fast-growing region after its withdrawal from the Trans-Pacific Partnership free trade deal in 2017.
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