The United States, Japan and 12 other Indo-Pacific nations have agreed to strengthen supply chain resilience for critical items such as semiconductors and medicines to respond more promptly to emergencies.
The agreement on essential goods and technologies was reached at a meeting of the U.S-led Indo-Pacific Economic Framework (IPEF) in Detroit on Saturday and is the initiative's first tangible outcome since its launch in May last year. It is hoped the move will reduce overreliance on China, which has been increasing its economic clout in the region.
Following the conclusion of negotiations, Economy, Trade and Industry Minister Yasutoshi Nishimura told reporters that the multilateral agreement is the "first of its kind on supply chains."