Detroit – The US, Japan and 12 other Indo-Pacific countries have agreed to strengthen supply chain resilience for critical goods such as semiconductors and pharmaceuticals to respond more quickly to emergencies.
An agreement on essential goods and technologies was reached at a meeting of the US-led Indo-Pacific Economic Framework in Detroit on Saturday, the first concrete outcome of the initiative since it was launched in May last year. The move is believed to reduce overreliance on China, which is increasing its economic influence in the region.
Following the conclusion of the talks, Economy, Trade and Industry Minister Yasutoshi Nishimura told reporters that the multilateral agreement was „a first for supply chains”.
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