Piyush Goyal Stresses on Need to Ensure Open Supply Chains

Piyush Goyal Stresses on Need to Ensure Open Supply Chains

Commerce and industry minister Piyush Goyal has urged Global South countries to focus on ensuring open, secure, trusted, and equitable supply chains. During the second Voice of Global South Summit, Goyal highlighted the significance of identifying global value chains (GVCs) that would allow countries to increase their participation and enhance the quality of their engagement. This approach would enable them to access high-value components of GVCs. The Covid-19 pandemic, climate change, and geopolitical tensions have exposed the vulnerabilities of global supply chains. Goyal also stressed the importance of digitizing trade documents for efficient international trade. Despite advancements in digitalization, critical trade documents still remain non-digital. Goyal’s comments came as he met US President Joe Biden at the Asia-Pacific Economic Cooperation event and held discussions with Japanese Prime Minister Fumio Kishida on the sidelines of the APEC Leaders’ Meeting 2023. The minister expressed honor and gratitude for the meetings on his social networking platform X.

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TIS Staff

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