February ’24 at-a-glance … supply chain

New Indo-Pacific supply chain agreement in effect 

The Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement Relating to Supply Chain Resilience, generally referred to as the Supply Chain Agreement, became effective Feb. 24. IPEF partners aim to create a framework for deeper collaboration to prevent, mitigate and prepare for supply chain disruptions, such as those experienced in recent years. Partners include the United States, Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.  

Federal Maritime Commission confident 

Despite the current conflict in the Middle East, the Federal Maritime Commission (FMC) expressed confidence in the stability of the supply chain at a recent public hearing. “The lessons learned from the COVID pandemic will keep supply chains open through this latest crisis, using alternative routes and assistance from the U.S. military and other nations to keep ships moving,” said FMC Commissioner Carl Bentzel. “There is some additional capacity at marine terminals and ocean carriers have ship orders being delivered that can help address the reduced shipping capacity.”