Japanese and European Union (EU) ministers recently concurred on a transparent, resilient and sustainable supply chains initiative to coordinate and advance their efforts on policies related to that.

They met at the 5th Japan-EU High level Economic Dialogue at the OECD Ministerial Council Meeting in Paris.

The ministers expressed deep concern over the weaponisation of economic dependencies on certain supply sources for strategic goods, resulting from a wide range of non-market policies and practices such as market-distortive industrial subsidies.

They recognised the need to address systemic vulnerabilities, stemming from such strategic dependencies and overcapacities, and to promote a level-playing field.

The ministers raised the need to work together on several issues, ensuring consistency with international rules.

The issues include addressing strategic dependencies and systemic vulnerabilities and ensuring resilient and reliable global supply chains by applying principles of transparency, diversification, security, sustainability, trustworthiness and reliability to address climate change, energy security, cyber security and supply stability, an EU release said.

Both sides agreed to encourage businesses to enhance transparency, resiliency and sustainability in the market.

They underlined the importance to advance cooperation on economic resilience and economic security, including sharing information on risk assessment analysis and on preventing leakage of critical and emerging technologies.

Fibre2Fashion News Desk (DS)

Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.