Press Releases
The date of the entry into force of the Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement Relating to Supply Chain Resilience
February 1, 2024
- On January 31 (U.S. time), the United States, the Depositary of the Indo-Pacific Economic Framework Agreement for Prosperity Relating to Supply Chain Resilience (IPEF Supply Chain Agreement), announced that the Agreement will enter into force on February 24, 2024, in accordance with its relevant provisions, with the deposit of their instruments of ratification, acceptance, or approval of this Agreement by five countries including Japan.
- The IPEF Supply Chain Agreement stipulates that it shall enter into force 30 days after the date on which at least five of the following States have deposited an instrument of ratification, acceptance, or approval with the Depositary, the United States: Australia, Brunei, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States and Vietnam. Since Japan, the United States, Fiji, and Singapore have already deposited their instruments, with the deposit by India on January 25, 2024, the Agreement will enter into force among Japan and these four countries on February 24, 2024. This will be the first agreement to enter into force among the agreements whose negotiations were initiated under the IPEF, which was launched in May 2022.
- Japan welcomes the entry into force of the IPEF Supply Chain Agreement. It is expected that this Agreement will contribute to the enhancement of the international competitiveness of Japanese industries in the fast-growing Indo-Pacific region by strengthening supply chains with like-minded countries both in times of peace and in times of emergency.