Singapore’s Ministry of Trade and Industry announced that 14 countries have collectively signed the “Supply Chain Agreement” under the “Indo-Pacific Economic Framework” (IPEF).

  1. On November 16, 2023, Singapore’s Ministry of Trade and Industry (MTI) announced that Minister Chan Chun Sing participated in the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting in San Francisco on November 13-14. Ministers from 14 countries collectively signed the world’s first multilateral “Supply Chain Agreement” to strengthen resilience and connectivity. Additionally, negotiations for regional cooperation agreements on “Clean Economy” and “Fair Economy” have progressed. The IPEF, initiated by the United States, includes partner countries such as Singapore, Australia, Brunei, India, Japan, South Korea, Malaysia, and New Zealand.
  2. According to the joint statement of partner countries, the purpose of the agreement is to establish a framework for collaboration. This includes deepening understanding of regional supply chains, improving crisis response capabilities, promoting business and investment in supply chains, enhancing resilience, and advancing labor rights. All partner countries will proceed with domestic approval processes for the Supply Chain Agreement. They are also collaborating on supply chain issues, including sharing monitoring best practices and participating in cybersecurity tabletop exercises.
  3. Regarding the “Fair Economy Agreement,” partner countries commit to promoting a fair and transparent regional business environment. They pledge to strengthen anti-corruption measures and tax practices to facilitate business, trade, and investment activities. The partner countries will intensify efforts to combat corrupt practices such as bribery, support increased tax transparency, enhance information exchange, mobilize domestic resources, and improve tax management.


  1. Ministers stated that the signing of the “Supply Chain Agreement,” along with the substantial completion of negotiations for the “Clean Economy Agreement” and “Fair Economy Agreement,” will assist Singaporean businesses in creating opportunities regionally and internationally. It will also safeguard investments, support participation in climate solutions development, and foster a more favorable business environment for enterprises seeking overseas expansion.

Source: Singapore Ministry of Trade and Industry (MTI)