Innovation necessary to keep supply chains running, says Jurin

FRIDAY, JULY 29, 2022

The application of digital innovations and technology is necessary to boost supply chain liquidity, Commerce Minister Jurin Laksanawisit said on Friday.

Jurin was speaking at an Asean Plus Three (APT) summit hosted by China on Friday, which he attended virtually.

APT comprises 10 Asean members, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, plus China, Japan and South Korea. The meeting on Friday was held to address the disruption to global supplies due to the Covid-19 crisis and political problems.

“Asean Plus Three should cooperate closely to maintain liquidity in the supply chain, such as reducing reliance on single production sources, etc,” Jurin said.

To achieve this, he listed four options that countries can adopt to boost supply chain liquidity. They are:

• Developing digital infrastructure for seamless, transparent and effective supply chain connection.

• Boosting the potential of human resources to further develop the technology industry.

• Promoting ease of trade by applying an electronic system in customs procedures.

• Strengthening cooperation at the regional level to strengthen supply chain connection and promote regional trade through pacts like the Regional Comprehensive Economic Partnership (RCEP).

He added that RCEP was one of the most concrete achievements that have helped create connections and expand supply chains in the region.

Trade between APT countries in the first five months of this year came in at US$563.53 billion (20.40 trillion baht), up 14 per cent year on year.