🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

World leaders seek ways to strengthen global supply chains

Published 10/31/2021, 12:57 PM
Updated 10/31/2021, 10:20 PM
© Reuters. U.S. President Joe Biden adjusts his face mask as he and European Commission's President Ursula von der Leyen (not pictured) make a joint statement to speak about steel and aluminium tariffs, on the sidelines of the G20 leaders' summit in Rome, Italy Octo

(Corrects to fix typo in headline)

By Jeff Mason and Jan Strupczewski

ROME (Reuters) -U.S. President Joe Biden and 16 other world leaders on Sunday discussed action to make supply chains more resilient in the face of any future health crises, as well as climate change and even planned attacks.

Supply chain problems have emerged as the global economy has pulled out of a pandemic-induced recession and threaten to slow recovery. They have already stoked inflation.

"We have to take action now, together with our partners in the private sector, to reduce the backlogs that we’re facing. And then, we have to prevent this from happening again in the future," Biden told world leaders at a meeting to address supply chain bottlenecks on the sidelines of the G20 in Rome.

"Now that we have seen how vulnerable these lines of global commerce can be, we cannot go back to business as usual. This pandemic won’t be the last global health crisis we face. We also need to increase our resilience in the face of climate change, natural disasters, and even planned attacks," he said.

Apart from the United States, leaders and representatives from the European Union, Australia, Britain Canada, Democratic Republic of Congo, Germany, Indonesia, India, Italy, Japan, Mexico, the Netherlands, Republic of Korea, Singapore and Spain took part in the meeting.

A written White House summary of the talks said countries expressed willingness to work together to make supply chains more resilient. It said they had agreed to work for more transparency and information-sharing between countries and on the need to have multiple reliable suppliers of raw materials, intermediate and finished goods.

"Openness and communication can promote a swift response to disruptions to supply chains - like those that the globe is facing right now - and allow other players within a supply chain to take mitigating steps," the White House summary said.

© Reuters. U.S. President Joe Biden speaks during an event on global supply chain resilience through the coronavirus disease (COVID-19) pandemic and recovery, on the sidelines of the G20 leaders' summit in Rome, Italy October 31, 2021. REUTERS/Kevin Lamarque

"We should avoid any unnecessary trade restrictions and maintain free flow of goods and services," it said.

The leaders emphasized also the need for security, especially in technology supply chains, and for fair and sustainable labour conditions and said they would work with the private sector to reach these goals.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.