Prime Minister Narendra Modi on Sunday participated in a summit on strengthening global supply chains convened by US President Joe Biden on the sidelines of the G20 and underlined three critical aspects of trusted source, transparency & time-frame for improving the supply chains.
Ministry of External Affairs Spokesperson Arindam Bagchi said the prime minister participated in the Summit on ‘Global Supply Chain Resilience’ on the sidelines of G20 and the summit discussed ways in which governments can alleviate pressure points in the global supply chain ecosystem. Prime Minister Modi underlined three critical aspects of “trusted source, transparency and time-frame” for improving global supply chains, he said.
While India is already a trusted source in the IT and pharma supply chains, the prime minister conveyed that India is keen to participate in the clean technology supply chain, Bagchi said. The United States, the European Union, Australia, Canada, Democratic Republic of the Congo, Germany, Indonesia, India, Italy, Japan, Mexico, Netherlands, Republic of Korea, Singapore, Spain, and the United Kingdom met in Rome to discuss near-term supply chain disruptions and paths to long-term resilience.
Secure, sustainable, and resilient global supply chains are foundational to our economic prosperity, national security, and collective interests, the White House said in a Chair’s Statement on Principles for Supply Chain Resilience. Countries expressed intent for working together to strengthen the resilience of the supply chains – the global ecosystem of raw materials, intermediate goods, manufacturing, logistics, research and development that ensures that the businesses and consumers get the products they need, it said.
“Secure, sustainable, and resilient supply chains require that we work in partnership, not only as governments, but with industry, unions and workers, civil society, and international organisations alike.” it said. When the first wave of Covid-19 rolled around the globe, it caught most businesses off-guard as it disrupted supply chains on an unprecedented level.
Whether in responding to acute shocks of the kind we are experiencing in global trade today, or addressing the chronic long-term challenges in sectors critical to our security, more resilient global supply chains are fundamental to sustainable economic development for all,” the statement added.