IPEF leaders to launch talks on supply chains

The leaders of the countries taking part in the Indo-Pacific Economic Framework for Prosperity issued a statement following their summit on Thursday.
They say they are planning regular talks to enhance cooperation on critical mineral supply chains.

The summit of the 14 member countries of the US-led framework, including Japan and India, was held on the sidelines of the APEC meeting in San Francisco.

US President Joe Biden said, "We still have more work to do, but we've made substantial progress. In record time, we've reached consensus on three of the pillars of the IPEF."

IPEF members signed an agreement on bolstering supply chains that was settled in May and substantially concluded negotiations on the pillars of a clean energy and fair economy.

The statement says that regular discussions will be scheduled on supply chains of lithium and other critical minerals to increase competitiveness.

But consensus in the field of trade was not reached due partly to sharp reactions from the US.

The IPEF was looking to step up cooperation to counter China's efforts to expand its influence in the region.