The US on Thursday announced that a key agreement on supply chain resilience under the Indo-Pacific economic framework involving 14 partner nations, including India, Japan and Australia, will come into force on February 24.

US Commerce Secretary Gina Raimondo said the pact will facilitate a collaborative approach to strengthen supply chains and prevent potential disruptions.

The US Department of Commerce said the Indo-Pacific Economic Framework for Prosperity (IPEF) agreement relating to supply chain resilience will enter into force on February 24.

”This is a critical step in bringing the landmark, first-of-its kind agreement into action and promoting coordination among the IPEF partners on building resilient, efficient, productive, sustainable, transparent, diversified, secure, fair, and inclusive supply chains,” it said.