While I have often said that I don't believe the pandemic will significantly shift supply chains (which are formed as a response to costs, availability, taxes and a number of other factors) I was thinking it's likely to impact the approach to inventory management.
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The authors are equally sceptical about "supply chain resilience" but go even further when it comes to assessing the likelihood of impact on the type of inventory management - expanding storage space and increasing your inventory costs money.
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While supply chain resilience might have its merits, companies weigh it against their principle criteria - cost.
While this focuses on the WTO, obviously parallels can be drawn between the WTO transparency debate, the wider transparency in trade debate and the recent discussions around the UK's trade strategy (FTA talks).
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I think when it comes to transparency in trade a question that's more important than "should we?" is "how to?".
But I also remember where we were in the Brexit debate around the same time and I think the potential impact, scope and trade-offs related to FTAs might not have been fully understood.
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To be fair, I recently had an opportunity to ask a few companies about their interest in and "wish list" for these FTAs (not a representative sample) and the interest and level of engagement was really low.
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We talked about overlapping agreements - bilaterals vs the CPTPP. @Liam_Sm_Y_th made a good point - that it's the traders that bring these agreements to life.
So...
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Combining these two points - with the overlapping trade agreements it's going to be even more crucial to provide UK companies with a good source of reliable information on market access conditions and requirements under all existing deals.
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Excellent point from @DmitryOpines on the need for a greater period of reflection and debate before rushing into trade agreements (on @SkyNews)
Trade policy goals/ objectives on the domestic and international levels need to be consistent and aligned!
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Dmitry linked it nicely to the environment, agriculture and sustainability.
You can't expect a trade deal to deliver on certain promises if you're not backing it up with domestic policies that are aligned with these promises/objectives.
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The need for more analysis and reflection on what future FTAs are supposed to deliver (in a wider context) was also highlighted by @EmilyThornberry, @DavidHenigUK and most of Trade Twitter.
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