US Continues Efforts To Address Supply Chain Woes

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US Continues Efforts To Address Supply Chain Woes

The US has recently announced several national and international steps designed to address on‑going global supply chain problems. These measures follow others being taken at the federal and state levels in the US. US President Joe Biden announced on 31 October that the US State Department will allot additional funding for technical assistance to Mexico and Central America to alleviate supply chain disruptions and bottlenecks. The US also plans to send “millions in funding” for new initiatives with the Association of Southeast Asian Nations, including linking the ASEAN Single Window, a customs facilitation programme, with the US single window system. He said these two efforts will help “cut port congestion by slashing red tape and reducing processing times so that ships can get in and out of our ports faster.” He also stated that the US and others will hold a multi‑stakeholder summit in 2022 on next steps for building global supply chain resilience. Biden’s announcements followed a summit among more than a dozen economies that discussed ways to reduce current supply chain delays and build greater resilience for the future. The summit yielded a statement of principles addressing issues such as transparency, predictability, security and sustainability. Among other things, participants said they would work together to:

Share information about potential, emerging and systemic supply chain challenges as well as best practices to address port congestion and supply chain disruptions;
Ensure multiple reliable sources of raw materials, intermediate goods and finished goods that are underpinned by resilient supply channels;
Promote predictability in their trading relations as they impact their supply chains;
Better understand and manage security risks to supply chains;
Expand co-operation and information sharing and consider co-investment for the responsible access and development of key raw materials and inputs; and
Foster and support the sustainable manufacture and trade of products necessary for the fight against climate change and other international sustainability goals.