Secure and diverse supply chains essential for global economy: S. Jaishankar

At the G20 Foreign Ministers' meeting held in Atlanta, Georgia, in the United States, India's External Affairs Minister S. Jaishankar stated that securing supply chains and ensuring their resilience is of utmost importance for the welfare of the global economy.

According to a Business Standard report, Jaishankar said during the concluding session of the meeting that supply chains are threatened by risks such as pandemics, conflicts, climate change, and accidents. To combat these risks, diversification and de-risking in sectors including connectivity are necessary.

In a post on X, he stated that the right to industrial development should be promoted, and predatory practices as well as activities targeting competition should be firmly opposed. Jaishankar also added that decentralizing the global economy and balancing production across various geographical regions could prevent the use of finance, resources, production, and market share as weapons.

The External Affairs Minister further said that G20 countries should work to prevent the politicization of markets. By promoting transparent and multiple supply chains and making the global economy truly multi-stakeholder, G20 countries should harmonize their national interests for collective good.

In this meeting hosted by US Secretary of State Marco Rubio, Rubio also emphasized that secure supply chains are essential for growth. He said that vital trade routes, including the Strait of Hormuz and the Bab al-Mandab Strait, must remain secure and open for trade. At the same time, he explained the importance of strengthening and expanding the supply chains of critical minerals to protect the future.