India adopts US' joint statement on cooperation of global supply chains

On behalf of partner economies including India, US State Department on Wednesday released a Joint Statement of the 2022 Supply Chain Ministerial Forum, focussing on the global challenges

On behalf of partner economies including India, US State Department on Wednesday (local time) released a Joint Statement of the 2022 Supply Chain Ministerial Forum, focussing on the global challenge which includes -- the COVID-19 pandemic, wars and conflicts and climate change.

"The shocks to global supply chains from pandemics, wars and conflicts, extreme climate impacts, and natural disasters have put in stark relief the urgent need to further strengthen supply chains, to work to reduce and end near-term disruptions, and to build long-term resilience. This is a global challenge we intend to approach resolutely and cooperatively," the joint statement read.

The partner economies include Australia, Brazil, Canada, the Democratic Republic of the Congo, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Netherlands, the Republic of Korea, Singapore, Spain, the United Kingdom, and the United States.

According to the statement, for building collective long-term resilient supply chains based on international partnerships, all the partner countries aimed to follow various global supply chain principles including transparency, diversification, security and sustainability.

"We intend to promote transparency in consultation with the private sector, civil society, different levels of government, and other relevant stakeholders, consistent with Participants' domestic laws and international obligations, in order to strengthen the resilience of supply chains," the joint statement read.

"We aim to promote diversification and increase global capacities for multiple, reliable, and sustainable sources of materials and inputs, intermediate goods, and finished goods in priority sectors, along with logistics infrastructure capacities, increasing the resilience of supply chains to make our economies less vulnerable to disruptions and shocks," it read further.

The joint statement added that the partner countries encourage Participants to undertake this cooperation in partnership with industry, labor and civil society, and other relevant stakeholders, pursuant to domestic laws, to better understand and manage security risks to supply chains.

"We intend to encourage global sustainability and responsible business conduct across supply chains, as well as objectives set out in relevant multilateral environmental agreements to which we are parties, including the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement," it read.

All the countries also welcomed all economies and invite all industries, businesses, women, workers, officials from different levels of government, labour and civil society, and other stakeholders to join us in pursuit of resilient supply chains, guided by these principles.

"We acknowledge the key to resolving the next global supply chain crisis is to prevent it from happening in the first place" the statement said.