South Korea’s industry ministry said Tuesday the country has been unanimously appointed as the chair of a body dedicated to addressing supply chain crises under the Indo-Pacific Economic Framework (IPEF).

South Korea will lead the Crisis Response Network (CRN), one of three arms of the IPEF’s Supply Chain Agreement, with the other two being the Supply Chain Council and the Labor Rights Advisory Board, according to the Ministry of Trade, Industry and Energy.

Japan will serve as the vice chair of the CRN.

The IPEF, launched by the United States in 2022, includes 14 member nations, including Australia, India and New Zealand.

The CRN aims to address supply chain disruptions by organizing emergency meetings to facilitate cooperation among member countries. Such meetings can be convened at a ministerial or summit level when necessary, the ministry said.

A meeting can be called at the request of any member country, during which participants will discuss strategies for securing shipping routes, coordinating joi
nt procurement efforts and expediting customs procedures, it added.

“The CRN is an innovative platform where industry leaders like South Korea and Japan can collaborate with resource-rich countries such as Australia and Indonesia,” Trade Minister Cheong In-kyo said in a statement.

Source: Yonhap News Agency