Korea Elected as the Inaugural Chair of the Indian-Pacific Economic Framework Crisis Response Network

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Korea Elected as the Inaugural Chair of the Indian-Pacific Economic Framework Crisis Response Network

 

The Ministry of Trade, Industry, and Energy announced that the three implementation bodies of the Indian-Pacific Economic Framework (IPEF) Supply Chain Agreement have officially launched. Korea has been elected as the inaugural chair of the Crisis Response Network, which plays a key role during crises.

 

The Crisis Response Network, introduced by IPEF, is the world's first supply chain crisis response platform. It convenes emergency meetings within 15 days upon any member's request to discuss support measures like alternative supply sources and expedited customs clearance. Meetings can escalate to ministerial or head-of-state level. The network also develops response strategies, conducts regular drills, and evaluates existing policies to strengthen member capacities.

 

On July 24, Korea was unanimously elected as the chair of the Crisis Response Network (CRN) by all 14 member countries. Additionally, Japan was elected as the vice-chair, establishing a Korea-Japan-led global supply chain cooperation system.




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