CNFL DEC Trade Bulletin 2021-40: Statement on Principles for Supply Chain Resilience
Trade Markets affected: (N/A)
Measure: On October 31, the White House released a Statement signed by leaders of the United States, the European Union, Australia, Canada, Democratic Republic of the Congo, Germany, Indonesia, India, Italy, Japan, Mexico, Netherlands, Republic of Korea, Singapore, Spain, and the United Kingdom on near-term supply chain disruptions and paths to long-term resilience. In addition, the President announced new domestic steps he will take to continue building supply chain resilience
Why this matters: Leaders discussed strengthening four key pillars of global supply chain resilience: transparency; diversity, openness and predictability; security and sustainability. They committed to work together with the private sector to address critical supply chain challenges, including improving information sharing and transparency; sustainable development; and security of supply. Domestically, the President announced that he will take steps to streamline U.S. stockpiling efforts (to make material releases from the National Defense Stockpile); increase funding for trade facilitation activities to cut red tape (including allotting additional funding to provide technical assistance to Mexico and Central America counterparts to alleviate supply chain disruptions and bottlenecks, as well as for new U.S.-ASEAN initiatives, which includes funding to link the ASEAN Single Window, a customs facilitation program, with the U.S. Single Window System); and that the Secretaries of State and Commerce will hold a multi-stakeholder summit in 2022 along with their foreign counterparts to establish next steps to build greater global supply chain resilience.
CNFL DEC Trade Bulletin 2021-41: Meeting of U.S. Department of Commerce Trade Finance Advisory Council
Trade Markets affected: (N/A)
Measure: The U.S. Department of Commerce (DoC) Trade Finance Advisory Council (TFAC) will hold a virtual meeting on Thursday, December 2, 2021.
Why this matters: The TFAC serves as the principal advisory body to the Secretary of Commerce on policy matters relating to access to trade finance for U.S. exporters, including small- and medium-sized enterprises, and their foreign buyers. The TFAC is the sole mechanism by which the DoC convenes private sector stakeholders to identify and develop consensus-based solutions to trade finance challenges. During the meeting, members will discuss initial recommendations put forth by the TFAC’s four subcommittees: Inclusive Growth, International Policy, Fintech, and Supply Chain Finance. The TFAC will deliberate over the proposed recommendations, provide feedback to the subcommittees, and establish next steps in order to finalize the recommendations by the end of the TFAC’s third term.
Public Comments: Public comments must be submitted electronically by November 29, 2021. Additional details on how to submit comments are available in the Federal Register notice.
More information: A copy of the Federal Register notice is available online here.
Potential action: If your company and/or clients are involved or interested trade policy, then this will be an important opportunity to have your/their views heard on the topics before the TFAC. The CNFL DEC Trade Policy Committee would appreciate you sharing with us your or your client’s interest in submitting comments, and we are prepared to support you in preparing your submission if that would be helpful.