India has signed a Supply Chain Agreement within the Indo-Pacific Economic Framework for Prosperity (IIPEF) alongside 13 partner countries. The IIPEF, initiated by the US in collaboration with Indo-Pacific countries in 2022 in Tokyo, is built on four pillars: Trade (Pillar I), Supply Chains (Pillar II), Clean Economy (Pillar III), and Fair Economy (Pillar IV).
This agreement involves 14 partner nations, including Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam. The objectives encompass consolidating economic development and promoting peace and prosperity in the region.
India holds an observer status in Pillar I while actively participating in Pillars II to IV. The agreement is anticipated to facilitate increased information sharing among partners, enabling asset recovery, and strengthening cross-border investigations and prosecutions. According to Goyal, this move will enhance the collective effort to combat corruption, money laundering, and terrorism financing in the Indo-Pacific region.
