Enhancing resilience and sustainability in global supply chains amidst unprecedented challenges
The strategic importance of seaports in bolstering climate resilience and adaptation efforts, particularly for vulnerable coastal nations
Digital solutions to mitigate emerging risks and ensure the long-term sustainability of global supply chainsAuthor: UNCTADSource: https://unctad.org/press-material/future-global-trade-unctad-announces-first-ever-global-supply-chain-forumIn a world facing unprecedented challenges, the Global Supply Chain Forum (GSCF) 2024 is set to provide a crucial platform for leaders and experts to discuss the changing landscape of international trade and logistics. This first event of its kind, organized by the United Nations Conference on Trade and Development (UNCTAD) in collaboration with the Government of Barbados (Bridgetown, 21-24 May 2024), aims to shape the future of global trade in a rapidly evolving world.The forum is part of a series of events to mark 60 years since the inception of UNCTAD, a fierce advocate of the Global South on the world stage. Recognizing the disproportionate impact of supply chain disruptions on vulnerable economies far from the main lines of trade, especially Small Island Developing States (SIDS) and Landlocked Developing Countries (LLDCs), the forum will explore ways to strengthen resilience and sustainability in global supply chains, ranging from trade facilitation reforms to digital innovations.More than 500 participants from some 100 countries are expected to attend, with over 100 entities having so far joined as partner organizations. 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), among others.Global Collaboration and Bridging GapsRelevant linksSeaports play a crucial role in trade, facilitating over 80% of global merchandise exchange. The forum will discuss strategies for enhancing the resilience of seaports, particularly in vulnerable coastal nations.GSCF 2024 will focus on the vital role of global supply chains in promoting economic growth, job creation, and poverty reduction, aligned the 2030 Agenda for Sustainable Development.The impact was five times higher in SIDS, with an additional 7.5% uptick in consumer price inflation.Strengthening the backbone of global trade: seaportsIn recent years, global trade has faced significant disruptions, from the COVID-19 pandemic to climate change and geopolitical tensions. These challenges have not only tested global supply chains but have also highlighted the urgent need for resilience and sustainability, particularly for developing countries.Focus on resilience and sustainabilityGSCF 2024 will gather stakeholders from around the world to discuss pressing issues and explore innovative solutions. By aligning with conferences focusing on the unique challenges of SIDS and LLDCs, the forum aims to foster collaboration and highlight practical approaches to sustainable development and resilient transport.The forum will feature an innovation challenge, aimed at inspiring solutions to make global production and distribution networks greener and more efficient and resilient.Government ministers of transport will deliberate on a joint declaration, feeding into upcoming discussions at the UN’s 4th International Conference on Small Island Developing States set for late May in Antigua and Barbuda.
- Full information about the Global Supply Chain Forum 2024 is available here. See a video preview of key issues the forum will seek to tackle.
- “Navigating Troubled Waters”: Access the latest UNCTAD data, implications and policy recommendations examining unprecedented disruptions in two major global maritime trade waterways here.
The covid-induced supply chain crisis hiked global consumer price levels by an additional 1.5% as a result of increased maritime transport costs, UNCTAD research shows.Additionally, digital solutions, including blockchain technology, will be promoted to address emerging risks and ensure the sustainability of global supply chains in the face of increasing e-commerce and cyber threats.
