A new deal to shore up supply chains. The U.S. Commerce Department said Saturday that 14 nations have come to an agreement after a year of negotiating. All of them, are members of the US-led Indo-Pacific Economic Framework.
Speaking in Detroit, Commerce Secretary Gina Raimondo called the pact the “first of its kind.”
The measure directs the 14 nations to form a council, tasked with coordinating supply chain activities. It also creates a “Crisis Response Network,” designed to send out early warnings to member nations about potential supply disruptions.