U.S. President, Joe Biden is expected to address disruptions in the global supply chain and rising energy prices during the G20 annual forum on Saturday.
The forum includes 20 major economies that account for more than 80% of world GDP and 75% of global trade.
“Biden is slated to convene a supply chain meeting with world leaders. The plan is to discuss ways in which governments can alleviate pressure points in the global trading system,” National Security Advisor, Jake Sullivan said. Global supply chain challenges will be an initiative very high on the agenda.”
T“The global economy is going to be front and centre as the pandemic continues to have an impact on economic recovery,” University of New Haven Professor of International Affairs, Howard Stoffer explained.
“How countries respond in a coordinated way or independently is going to be an important issue at the G20,” he added.
The global supply chain continues to suffer the growing consumer demand, labour shortage, and overseas manufacturing delays leading to higher transportation costs.
Global supply chain challenges will be an initiative very high on the agenda,” Vice Chairman and President of Strategic Growth at Mastercard, Michael Froman said.
TFroman added that Biden will lead the discussion in absence of China’s President Xi Jinping and Russian President Vladimir Putin.
Earlier this month the White House announced a plan to run non-stop operations at Los Angeles and Long Beach ports, handling 40% of sea freight into the U.S.
The two ports announced new fines on carriers to solve the increasing cargo ships’ jam.
Once loaded off vessels, truck-transported containers will have nine days before carriers are fined, while those transported by rail will have three days.