APEC Global Supply Chains Resiliency Survey Launched
With the world economy facing multiple disruptions, including slow economic growth, natural disasters, and more recently the COVID-19 pandemic, global value chains (GVCs), and supply chains more broadly, are transforming rapidly.
While past decades fostered an expansion and enlargement of global supply chains more recently some have also shortened and become more localised, a trend which is likely to increase in the coming years as Multinationals (MNCs) and Small to Medium Enterprises (SMEs) reconfigure their operations due to the pandemic and the resulting escalated adoption of digital technologies.
The Global Trade Professionals Alliance (GTPA), supported by the Australian Government and on behalf of the Asia-Pacific Economic Cooperation (APEC) forum, is pleased today to launch the APEC Global Supply Chains Resiliency Survey.
The COVID-19 pandemic and its ongoing impact has brought into focus the importance of resilience in global value chains and supply chains, and the urgency for increasing this resilience to allow businesses to better cope with crises.
APEC is a leading international organisation, promoting free trade, connectivity and economic growth in Asia-Pacific. Ministers responsible for Trade in APEC member economies have acknowledged the need to build more resilient supply chains, saying,
“We acknowledge the importance of strengthening regional connectivity by intensifying our efforts to make global supply chains more resilient and less vulnerable to shocks, to advance sustainable economic growth.”
Australia’s Trade Minister, Simon Birmingham launched the survey at APEC’s Virtual Meeting of Minister’s Responsible for Trade.
“This is an area of critical support given the disruption during the COVID-19 pandemic. Australia is launching and funding work in APEC on gathering data on the true business impact of supply chain disruptions, and how we can better use these systems into the future.I am pleased to announce the survey for this is now live and encourage all members to share this survey with your business communities – especially small and medium enterprises whose participation is critical in our regional recovery”– said Minister Birmingham
This survey will help to build resilience through a better understanding of the current needs of business, ensuring that government pandemic support initiatives are appropriate and sufficient to meet these needs. The survey will further help to ensure alignment of future government policies and programs with business needs.
“Beyond its human tragedy, the economic impacts of the pandemic have led to the most drastic slowdown in economic activity. Crises of this magnitude offer an opportunity for reflection as reconstruction and recovery begins. It is important that all stakeholders’ voices are heard through this survey.” – said Lisa McAuley, CEO of GTPA
“This is an important study that will help gauge the response of the world to the strains being placed on globalization of supply chains. The insights will produce key insights into how managers will develop strategic plans for the future.” - Dr Robert Handfield, Bank of America University Distinguished Professor of Supply Chain Management, the College of Management, North Carolina State University
“This survey will allow us to understand how global supply chains are coping with multiple disruptions caused by COVID-19, geopolitical tensions and climate-related disasters. The results will be useful for business leaders and policy makers in crafting adaptive strategies and policies designed to enhance economic well being.”- Dr Craig Emerson, Director of The Australian APEC Study Centre
“We look forward to working on this important project, which will provide critical insights into the challenges faced by business working in global value chains, and help us chart a path to a more resilient, sustainable trading environment for these businesses in the future."- Dr Simon Lacey, Senior Lecturer at Institute for International Trade of the University of Adelaide
The survey will contribute to a larger goal of the GTPA who is working with a global coalition of partners established by Bloomberg New Economy, to identify actionable solutions for “Building Business Resilience in Global Value Chains 2020-21”, covering MNCs and SMEs participating in GVCs.
The GTPA would like to thank the following supporting partners who have been instrumental in supporting both the survey and the overall efforts of the coalition.