UNCTAD has announced the first 'Global Supply Chain Forum' to discuss concerns about the future of global trade. The Forum will explore ways to strengthen resilience and sustainability in global supply chains, from trade facilitation reforms to digital innovation.
Aim of the Forum;
In a world facing unprecedented challenges, the Global Supply Chain Forum (GSCF) 2024 provides a crucial platform for leaders and experts to discuss the changing landscape of international trade and logistics.
Organized by the United Nations Conference on Trade and Development (UNCTAD) in partnership with the Government of Barbados (Bridgetown, 21-24 May 2024), this first-of-its-kind event aims to shape the future of global trade in a rapidly evolving world.
"We are organizing this forum to address an issue that affects us all: how to promote resilient and sustainable global supply chains," said Pedro Manuel Moreno, UNCTAD Assistant Secretary-General, at a press conference in Geneva on 20 March.
Global trade has faced significant disruptions in recent years, from the COVID-19 pandemic to climate change and geopolitical tensions. These challenges have tested global supply chains and highlighted the urgent need for resilience and sustainability, especially for developing countries.
The forum will also feature an innovation competition to inspire solutions to make global production and distribution networks greener, more efficient, and more resilient.
Focus on Resilience and Sustainability
In line with the 2030 Agenda for Sustainable Development, GSCF 2024 will focus on the vital role of global supply chains in economic growth, job creation, and poverty reduction.
Recognizing the disproportionate impact of supply chain disruptions on fragile economies located far from the trade mainlines, particularly Small Island Developing States (SIDS) and Landlocked Developing Countries (LLDCs), the forum will discuss ways to strengthen resilience and sustainability in global supply chains, from trade facilitation reforms to digital innovation.
According to UNCTAD research, the COVID-19-induced supply chain crisis increased global consumer price levels by 1.5 percent due to rising maritime transportation costs. The impact was five times greater in SIDS countries, while consumer price inflation increased by 7.5 percent.
Strengthening the Backbone of Global Trade: Ports
Ports play a crucial role in global trade, facilitating more than 80 percent of the worldwide trade in goods. In this context, the forum will discuss strategies to enhance the resilience of ports, especially in vulnerable coastal countries. It will also introduce new digital solutions, including blockchain technology, to address the risks posed by growing e-commerce and cyber threats and ensure the sustainability of global supply chains.
Enabling Global Cooperation and Bridging Gaps
GSCF 2024 will unite stakeholders worldwide to discuss pressing issues and explore innovative solutions.
Aligning with conferences focusing on the unique challenges of SIDS and LLDCs, the Forum aims to foster cooperation and highlight practical approaches for sustainable development and resilient transport.
More than 500 participants from nearly 100 countries are expected to attend the Forum, and more than 100 organizations have joined as partner organizations so far.
These include national policymakers, key industry players, and international organizations such as the International Labour Organization (ILO), the International Maritime Organization (IMO), and the UN Industrial Development Organization (UNIDO).
The governments' transport ministers will also deliberate on a joint declaration that will contribute to discussions at the UN 4th International Conference of Small Island Developing States, which will be held in Antigua and Barbuda at the end of May.
Source: https://unctad.org/news/future-global-trade-unctad-announces-first-ever-global-supply-chain-forum
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