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November 3, 2021

US announces plans to tackle global supply chain issues

The US administration has revealed how it plans to address its global supply chain issues, including new funding to tackle bottlenecks in Mexico and Central America and new initiatives to aid the customs process between Southeast Asia and the US.

By Laura Husband

President Biden and the US administration has revealed how it plans to address both its global and domestic supply chain issues.

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The President held a Summit on Global Supply Chain Resilience with the EU and 14 other countries on 31 October in a bid to tackle supply chain issues on a global level.

A statement issued by The White House explained Biden has seen resilient supply chains as a top priority for his administration since day one.

Biden revealed during the summit that he is taking a number of steps to build supply chain resilience both within the US and around the globe.

One of the key global measures will be to provide extra funding to Mexico and Central America that can be used on technical assistance that will alleviate supply chain disruptions and bottlenecks.

He announced earlier last week (26 October) at the US-ASEAN (The Association of Southeast Asian Nation) Summit, the US will give millions in funding for new US-ASEAN initiatives. The funding will be used to link the ASEAN Single Window, a customs facilitation programme, with the US Single Window System (which allows customs agencies to communicate with trade participants through one platform). It is hoped both of these initiatives will improve and simplify customs and clearance procedures, reducing delays and encourage sustainable and efficient supply chains.

Biden revealed during the Global Summit the domestic steps he is taking to build supply chain resilience. They include:

  1. Streamlined US stockpiling efforts: Biden will issue an Executive Order to streamline US stockpiling efforts by delegating authority to the Department of Defense to make material releases from the National Defense Stockpile—allowing a speedier response to material shortfalls within the defense industrial base. This follows through on a recommendation made in Executive Order 14017 on America’s Supply Chains 100-day Report. The President will call for countries around the world to redouble their efforts to address shortfalls — especially those with national security concerns.
  2. The introduction of a multi-stakeholder summit: Recognising that supply chains have many stakeholders — from private companies to workers and labour organisations to indigenous communities to academic institutions—Secretary of State Antony Blinken and Secretary of Commerce Gina Raimondo will hold a multi-stakeholder summit next year along with their foreign counterparts. The summit will be a follow-on dialogue to establish next steps among these parties to build greater global supply chain resilience.

The American Apparel & Footwear Association (AAFA) urged the US Department of Transportation and the wider Biden administration last month to take immediate action to reign in the ongoing shipping crisis.

 

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Free Report
img

What is driving growth in the Global Luxury Apparel Market?

The global luxury apparel market has seen exceptional recovery since 2021, after the inevitable sales decline in 2020 due to the pandemic. This growth has largely been due to strong demand in the key market of APAC, with the lifting of restrictions leading consumers to spend more on luxury goods for events such as holidays and social occasions. This growth is only expected to continue, and GlobalData’s free report Global Luxury Apparel Market Trends, Size and Forecasts out to 2025, can assist companies in understanding the drivers behind this growth, as well as potential inhibitors and key trends affecting the market. Understanding these crucial elements will be essential for luxury brands and retailers to stay ahead of their competitors. This report provides comprehensive analysis of:
  • Luxury apparel market size at total, regional, and category level – with forecasts out to 2025
  • Market drivers and inhibitors
  • Retailer and brand market shares, 2019-2021
  • Hot issues and profiles of leading brands
  • Key trends affecting the global luxury apparel market
Read this report now if you want to maximize growth using in-depth market predictions.
by GlobalData
Enter your details here to receive your free Report.

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