The G7 recently met and discussed building resilient supply chains and general support for free markets. Important topics were brought up such as market manipulation and unfair competitive practices. There has been some members concerned about the supply chain issues stemming from geopolitical problems and market manipulation. Thus, the meeting appears to have had the effect of creating some general alignment on global concerns that will likely lead to further discussion/analysis of these concerns at a later date (i.e. the theme of discussion)
(As a quick note. Supply chains are important because they determine the flow of information and goods. They are not just supply chains but also mechanisms of influence. Thus, having open markets allows various factors of influence to take place that seeks to create the economic business environment.)
Some of the technology based items that are being focused on are critical minerals, semiconductors and batteries. (These are products in high demand so adjustment in supply chains are occurring based on changes in market demand and changes in the world geo-political environment. You may be interested in the YouTube video below as it discusses infrastructure projects.)Technology will become a bigger part of that open market discussion in future meetings. An interesting UNCTAD report called 'Innovation and Technology, 2021' highlights the speed of technology adaptation so that is a big part of the economic environment.. $350 billion to 3.2 Trillion by 2025. (I wonder where we are right now in terms of numbers? 🤔 This is why I say that COVID brought forward the possibility of a Digital Economy 10 years faster then would otherwise be expected. Not that there is an expectation but that its a natural development off of the Industrial Era. Hard Infrastructure pairing with more Digital Infrastructure. It creates whole new market dynamics based in economic fundamental shifts that lead to INNOVATION.)
You will also notice below a chart that discusses value added and employment sustained by foreign demand. It supports the idea that manufacturing is important for employment, wages, and economic growth. Open markets can be helpful when you are competitive and can value add items and brands with increasing value (digital, intellectual, labor, etc.). You can read more about that in OECD 'Why Open Markets Matter'.
*There was also a discussion on inclusion and that is important from a supply chain development standpoint but it was a little outside the scope of this article/post.
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