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ERIA Presentation on Enhancing Supply Chain Resilience to G7 Trade Ministers and Outreach Partners

Date:
28 October 2023
Category:
News
Topics:
G7Trade

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Osaka, 28 October 2023: The Economic Research Institute for ASEAN and East Asia (ERIA) gave a presentation at the G7 Trade Ministers Meeting in Osaka-Sakai, alongside the World Trade Organisation (WTO) and Organisation for Economic Co-operation and Development (OECD). The three organisations were invited to the Outreach Session to speak on supply chain resilience, especially from the perspective of developing Asia, a region ERIA has been steadfastly supporting.

The Outreach Meeting of the G7 was convened as a follow-up action on the G7 Leaders Hiroshima Communique where leaders agreed to continue to honour the foundational principles of free and fair trade and objectives of the rules-based multilateral trading system with the WTO at its core, as these are essential to creating resilient global supply chains that are transparent, diversified, secure, sustainable, trustworthy, and reliable, and that is fair for all and responsive to the needs of global citizens.

ERIA’s President Professor Tetsuya Watanabe spoke of how the five G7 principles for resilient supply chains (transparency, diversification, security, sustainability, and trustworthiness and reliability) are vital not only for G7 nations but also for the global south, including developing Asia. He highlighted the pivotal role trustworthiness and reliability have played in the remarkable growth of ASEAN, despite the slowing global economy. He also said ERIA, representing developing Asia, the most dynamic and innovative epicentre of global growth, aims to bridge the gap between the G7 and the Global South by offering evidence-based policy analysis, and collaborating with policymakers and business leaders.

Drawing attention to ASEAN’s significance in the global supply chain, he presented ERIA’s report on ASEAN’s resilience in international production networks. He said escalating global geopolitical tensions pose a threat not only to advanced countries, but also to the development of growing Asia. Critical minerals, essential for achieving net-zero goals, are also vulnerable to geopolitical risks and potential export restrictions, and so ERIA is undertaking a study on the supply chains of critical minerals in ASEAN and developing Asia.

WTO Secretary General Ngozi Okonjo-Iweala also commended the G7 principles and said the global trading system is too vulnerable, as evidenced by the COVID-19 pandemic and the war in Ukraine. She also emphasized that marginalized economies should be key priorities, as they provide exports for many key products, including critical minerals. Therefore, the G7 must expand developing countries’ participation in the global supply chain. OECD Secretary General Mathias Cormann also said trust and shared values are key principles in economic integration.

The meeting was attended by all G7 Trade Ministers; plus international organisations (WTO, OECD and ERIA); outreach countries (Australia, Chile, India, Indonesia, and Kenya); and members of the private sector including Keidenren, Canpotex, Siemens Energy (European Union), Suzuki Motor Corporation, the Japan Organization for Metals and Energy Security, Rio Tinto, and Coherent Corp.

The meeting concluded with Japan's Minister of Economy, Trade and industry Yasutoshi Nishimura reiterating the importance of supply chain resilience and member countries working together in maintaining transparency and the balance of interests. He said there should be collaboration with member countries in achieving resilience in trade in goods.

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