South Korea and Japan have taken the reins of a network that bolsters supply chains within Indo-Pacific Economic Framework (IPEF), ensuring that members maintain access to vital supplies during emergencies.
The South Korean government announced the establishment of a crisis response network by the IPEF on Tuesday. Seoul will serve as chair the body and Japan will serve as vice chair.
The network will take action whenever supply chains are disrupted, including by natural disasters and cyberattacks on logistics infrastructure. The body will call an emergency meeting within 15 days of an incident.
The 14 IPEF members will share information on inventories in the event of a supply shortage. If multiple members have an urgent need for critical goods, partner nations will share stockpiles and explore alternative supply routes.
Semiconductors, medical supplies and critical minerals are all considered critical goods.
The IPEF will also conduct drills to respond to crises, preparing governments to take swift action, such as granting export control exceptions, in the event of an emergency.
The plan is to have IPEF members work together to ensure each member has enough critical goods to meet its needs and prevent individual countries from panic buying and hoarding scarce supplies.
