Fourteen member states of a U.S.-led Indo-Pacific economic initiative agreed Thursday to bolster regional supply chains, moving a step closer toward the launch of formal negotiations under the initiative, according to Japan's trade minister.
Yasutoshi Nishimura told reporters after the first day of a two-day Indo-Pacific Economic Framework ministerial meeting in Los Angeles that IPEF members shared their understanding on the importance of ensuring supply chain resilience after disruptions caused by the coronavirus pandemic and Russia's invasion of Ukraine.
"I think we are just a step away from getting a big result," said Nishimura, minister of economy, trade and industry. "We will steadily continue discussions until reaching the start of (formal) negotiations."
