Answer: Copper is being oxidized and acts as a reducing agent. In contrast, silver is being reduced, functioning as the oxidizing agent.
Explanation:
An oxidation reaction involves the loss of electrons by an atom. Here, the oxidation state of the atom rises.

Conversely, a reduction reaction is characterized by an atom gaining electrons, resulting in a decrease in its oxidation state.

Oxidizing agents are those that facilitate the oxidation of another substance while themselves being reduced. These substances participate in reduction reactions.
Reducing agentsare defined as those that reduce other substances while undergoing oxidation themselves. They also take part in reduction reactions.
In the provided chemical reaction:

The associated half-reactions for the above process are:
Oxidation half reaction: 
Reduction half reaction: 
From the reactions outlined, copper is losing electrons. Consequently, it is oxidized and regarded as a reducing agent.
Silver is acquiring electrons, thus it is being reduced and viewed as an oxidizing agent.