In a groundbreaking move at the China International Supply Chain Expo (CISCE), the China Council for Promotion of International Trade (CCPIT) unveiled the "Beijing Initiative for Connectivity of Industrial and Supply Chains." This initiative, launched during the opening ceremony of the world's first state-level supply chain expo, aims to foster deeper global industrial cooperation amidst mounting risks and challenges for international trade. The initiative emphasises upholding market principles and advocates for concrete actions to enhance international collaboration on industrial and supply chains. It calls for a united effort to advance the liberalisation and facilitation of trade and investment, urging the reduction of barriers that hinder global cooperation.

The launch of the Beijing Initiative drew the attention of over 1,100 representatives from more than 90 countries, regions, and international organisations. World leaders, including Indonesian President Joko Widodo and Uruguayan President Luis Lacalle Pou, delivered speeches via video link, expressing their support for the initiative and the need for strengthened global supply chains. The Beijing Initiative provides a crucial platform for international cooperation, enabling smoother communication and helping to maintain the stability of global industrial and supply chains. The initiative comes at a pivotal moment as the world faces challenges such as supply chain disruptions caused by the Covid-19 pandemic and increasing geopolitical tensions. As the CCPIT launches this initiative, it sends a strong message about the importance of collaborative efforts to safeguard the stability of supply chains and boost global economic recovery. The Beijing Initiative sets the stage for increased cooperation and a shared commitment to overcoming obstacles in the ever-evolving landscape of global industrial and supply chains.

Muhammad Zaheer, an economist at CPEC Support Unit, told WealthPK that as the global economic landscape continues to grapple with unprecedented challenges, the launch of the Beijing Initiative at the China International Supply Chain Expo marks a significant stride towards fostering enhanced global industrial cooperation. “This initiative, unveiled by CCPIT, underscores the critical importance of collaboration in the face of mounting risks and disruptions to supply chains worldwide.” He said the initiative's emphasis on upholding market principles and advocating for concrete actions reflects a proactive approach to deepening international cooperation on industrial and supply chains. “In a time when geopolitical tensions, protectionism, and the lingering effects of the Covid-19 pandemic threaten the stability of global trade, the Beijing Initiative serves as a beacon for unified efforts to overcome these challenges.”

Zaheer further elaborated that the initiative comes at a critical juncture, as the world grapples with uncertainties highlighted in the latest Goods Trade Barometer released by the World Trade Organisation. “While the volume of global merchandise trade shows signs of recovery, mixed economic results and increasing geopolitical tensions create a highly uncertain near-term outlook. Against this backdrop, the Beijing Initiative stands out as a proactive step towards building a more stable and resilient global trade environment.”

Credit: Independent News Pakistan (INP)