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Source: The post is based on the article “India adopts joint statement on cooperation on global supply chains” published in Economic Times on 22nd July 2022.
What is the News?
The US State Department released a Joint Statement of the 2022 Supply Chain Ministerial Forum, focusing on the global challenge which includes – the COVID-19 pandemic, wars and conflicts and climate change.
What is the Supply Chain Ministerial Forum?
Hosted by: United States
Aim: To advance work to reduce and end near-term supply chain disruptions and collaborate to build supply chain resiliency to avoid future disruptions.
Partner Countries: Australia, Brazil, Canada, the Democratic Republic of the Congo, European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Netherlands, Republic of Korea, Singapore, Spain, United Kingdom and the United States.
What is the statement issued by the Supply Chain Ministerial Forum?
The shocks to global supply chains came from pandemics, wars and conflicts, extreme climate impacts and natural disasters.
To address these disruptions, the world needs to further strengthen supply chains, end near-term disruptions and build long-term resilience.
For this, all the partner countries aim to follow various global supply chain principles including transparency, diversification, security and sustainability.