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Securing Supply Chains

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Securing Supply Chains

At the Forum, China, the 2022 G20 chair Indonesia, Chile, Cuba, Pakistan and Serbia jointly proposed the Initiative of International Cooperation on Resilient and Stable Industrial and Supply Chains, asking all countries to join them in a more equitable, inclusive and constructive partnership for industrial and supply chains, in a bid to jointly build a beautiful and prosperous world. 

The initiative aims at strengthening the resilience and stability of global industrial and supply chains which will surely help support economic recovery of all countries, ensure the smooth running of the world economy and improve the well-being of humanity.

The countries promised to collaborate with other countries to construct robust and stable global industrial and supply networks, with the goal of creating a community of shared future for global development to solve common risks and concerns. In this regard, the efforts will include, but will not be limited to, efforts to promote openness and inclusiveness, to maintain the rules-based multilateral trading system, with the World Trade Organization as its cornerstone.

Along these lines, they will also contribute to the security of global industrial and supply chains, and foster a fair, open and predictable market environment for global specialization and cooperation. Similarly, they will work to deepen technological innovation and cooperation, focus on the trend of technological development, and encourage businesses from various countries to collaborate on technological cooperation, research and development. This will encompass all aspects of innovation and value chains at all levels, in a shared effort to promote technological progress and industrial development.

Aside from that, encouraging green production and lifestyle, promoting green technology, processes and goods, and working together to construct green and low-carbon industries and supply chains, is also on agenda. This will help to address a variety of difficulties affecting humanity, such as climate change, pollution and resource shortages.

Likewise, the initiative will include investigating the opportunities presented by the digital economy and technologies, capitalizing on the important role that next-generation information technologies are playing in driving industrial upgrading and economic recovery.

Furthermore, it will include boosting innovation and application of new technologies, contributing to strengthening industrial ecology cooperation, striving to accelerate digitalization, network, and intelligence of industries, and reforming mode of production.

It will promote better use of the planet’s resources by major sectors such as integrated circuits, new energies and biomedicine, and work to support businesses in coordination and collaboration between upstream and downstream elements of the industrial chain, in order to secure long-term supply in vital areas.

The initiative will promote logistics infrastructure, work to increase the energy efficiency of ports around the world, work to improve cross-border rail connectivity and international air freight and delivery logistics, promote capacity expansion and upgrading at borders and ports of entry, and work to address choke points in current logistics and transportation in order to ensure uninterrupted logistics and transportation throughout supply chains.

It will strive to facilitate customs clearance at ports of entry to ensure efficient supply chain operations along with encouraging international logistics businesses to facilitate coordination, promote the interconnection and sharing of international logistics information, and contribute to the development and mutual recognition of international standards and rules for logistics and supply chains.

Moreover, they will consider the dominant position that businesses hold in the market, and encourage nations to consider the fresh problems that face them in their post-pandemic recovery plans. This will help them better integrate themselves into the world’s industrial and supply chains.

Lastly, in an effort to collaboratively create a beautiful and successful world, the participant countries invited all nations to join in an equitable, inclusive and constructive collaboration for industry and supply chains.

The writer is a student of Political Science at GCU, Lahore. 

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