Tony Hines discussed the proposed RISE Supply Chain Partnership discussed by the G7. The partnership – “Partnership for Resilient and Inclusive Supply-chain Enhancement” (RISE) – was announced in a meeting between G7 finance ministers and heads of the International Monetary Fund, World Bank Group, Organisation for Economic Cooperation and Development, and Financial Stability Board.
This is a special update on the G7 conference taking place in Japan, and for those of you that might not know, the G7 is a group of seven nations. The world's leading economies, and they have regular meetings about policy. The G7 comprises Canada, France, Germany, Italy, Japan, United Kingdom and the United States. The you and the European Commission are also involved as non enumerated members.
The G7 countries of the world's largest IMF advanced economies and liberal democracies, and they meet from time to time to discuss international issues such as security, climate change and of course, trade. Russia was suspended from this group in 2014 for its invasion of Crimea. The IMF by the way, is the International Monetary Fund. The G7 finance leaders are putting together a new supply chain proposal in a statement in Niigata, Japan, this new supply chain partnership is set to be included in the statement from the G7. You will have heard me talk on the Chain reaction podcast for some time about rare earth metals and China dependency, when it comes to supply and you can go and still listen to that episode, (China Dependency) you might find it quite useful to listen to. Either before or after listening to this episode on the G7,
This new partnership focuses on renewable energy resources, and it's likely to focus on China's dominant position in some rare earth metals and policymakers from around the globe have talked about diversification. They want to make sure that they are not reliant on a single source of supply. So making supply chains more resilient and strengthening partnerships between other countries is rising to the top of the agenda.
About Tony Hines and the Chain Reaction Podcast – All About Supply Chain Advantage
I have been researching and writing about supply chains for over 25 years. I wrote my first book on supply chain strategies in the early 2000s. Each week we have special episodes on particular topics relating to supply chains. We have a weekly news round up every Saturday at 12 noon. All things impacting global supply chains in that week, so come and join us on the Chain Reaction podcast. I look forward to seeing you there.
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