International political figures and business leaders gathered in Beijing on Tuesday to advocate for enhanced global supply chain cooperation amid rising geopolitical tensions and growing trade protectionism. The opening of the second China International Supply Chain Expo saw calls for unity and collaboration to address global challenges.
“We hear terms like the end of globalization, decoupling, high fences and small gardens,” said John Denton, Secretary-General of the International Chamber of Commerce. “But in the end, the world needs a functioning and inclusive trading system for the benefit of all businesses and individuals.”
Dominic Barton, Chair of Rio Tinto, echoed this sentiment. “Global businesses can play a pivotal and unifying role in defending and promoting supply chain coordination and free trade,” he stated. “It’s essential for all of our prosperity. I’m confident that we will all be able to do this.”
The expo, which runs through Saturday, has attracted over 600 companies from around the globe. Exhibitors are showcasing their latest technologies and products while seeking cooperation in areas ranging from advanced manufacturing and green agriculture to clean energy.
As the first of its kind focusing on fostering supply chain cooperation, the expo aims to build consensus, help companies integrate into global industrial chains, and promote win-win cooperation. The event emerges at a time when “decoupling and breaking chains” are on the rise.
“The event comes at just the right time as the world is confronted with enormous challenges,” said Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto. “For the world’s development and prosperity, connectivity—not blocs—should characterize the upcoming decades.”
Attendees highlighted that improvements in global supply chains will boost benefits for people around the world, and that the costs of fragmentation are unbearable. “We can achieve more when we work together. The bigger the challenge, the more essential the cooperation becomes. The benefits of an interconnected supply chain are clear,” Barton reiterated.
Business representatives at the expo jointly proposed the Beijing Initiative, outlining five key actions for the future of global supply chains: promoting open cooperation, advancing digital connectivity, supporting green and low-carbon development, enhancing supply chain services, and leveraging the unique role of business communities.
The international participation at this year’s expo underscores the widespread desire for cooperation. Nearly one-third of the exhibitors are from overseas, up from 26 percent in the previous year. Among them are major companies like Apple, which is showcasing its supply chain alongside its Chinese partners, as well as Rio Tinto, Bosch, Baowu Steel, and XPENG, exhibiting in the expo’s smart vehicle zone.
The China Council for the Promotion of International Trade (CCPIT), the organizer of the expo, stated that global supply chain connectivity is an unstoppable trend and that economic globalization remains a shared goal. According to a report and two indices published by the CCPIT on Tuesday, global supply chain connectivity has reached a historic high despite challenges such as the COVID-19 pandemic, natural disasters, and geopolitical tensions. This indicates that the negative impact of decoupling and protectionist policies has been temporary and limited.
Ren Hongbin, President of the CCPIT, emphasized that the expo aims to build bridges of industrial integration, innovation, and market connectivity, foster broad consensus, and achieve win-win cooperation for a brighter future.
Reference(s):
Intl leaders urge stronger supply chain cooperation at Beijing expo
cgtn.com
