With four principles, the EU and the US want to…

increased Transparency It is the first aspect mentioned in the Declaration. It “aims to promote transparency in accordance with the domestic law of the participants and their international obligations, in consultation with the private sector, civil society, various levels of government and other relevant stakeholders.”

Where possible, collective feedback and early warning systems for potential, emerging and systematic supply problems should be encouraged.

The report further provides that “The Diversification and increase global capabilities for diverse, reliable and sustainable raw materials and inputs, intermediate and finished goods in priority sectors and logistics infrastructure capabilities”.

It aims to explore opportunities to promote public and private investment in supply chains in priority sectors and encourage partnerships and co-investments to access and develop environmentally and socially responsible raw materials and inputs.

“We want to encourage the inclusion of small and medium enterprises in priority supply chains,” it says. Adoption of digital technologies by MSMEs should also be encouraged.

Predictability is key to resilient supply chains, so “efforts will be made to work together to improve predictability, openness, fairness and non-discrimination in our economic relationships.”

to advertise Security In the supply chain, countries want to deepen “consultation to identify and address risks arising from supply dependencies and potential impacts on critical infrastructure.” They want to work together to eliminate mutual weaknesses and “fight corruption to improve supply chain security.”

Finally the title Consistency On the agenda. Global sustainability and responsible business behavior will be promoted throughout supply chains, as well as “goals set forth in relevant multilateral environmental agreements to which we are party, including the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.”

For this, responsible business practices are to be introduced. “They recognize the importance of implementing our respective obligations under international labor conventions recognized by countries across the value chain to ensure that opening up new procurement or supply chain options does not undermine existing obligations to comply with human rights.”

It also aims to help eliminate forced labor in global supply chains. Countries want to promote greater use of recycled materials and product components and support fair and sustainable production, including circular economy, bioeconomy and other approaches that advance the fight against climate change, biodiversity loss and pollution.