Builds upon recent critical minerals, batteries, and semiconductor strategies.
To tackle supply chain disruption risks and increase resilience against challenges like climate change, geopolitical tensions, and trade protectionism, the British government published a Critical Imports and Supply Chains Strategy (PDF) on Wednesday. The announcement comes amidst geopolitical tensions that threaten the global economy, such as the war in Ukraine and the conflict in the Middle East, which has spread to international shipping lanes in the Red Sea.
One of the central objectives of the strategy is a better collaboration between the industry, government, and academia to identify and address possible risks before they affect the British economy. In addition, the government intends to address critical import barriers to provide businesses with necessary goods. Combined with increased efforts to study complex supply chain systems, the UK aims to better adapt to long-term trends and establish the UK as a reliable trade partner.
The strategy builds on top of existing guidelines such as the supply chains resilience framework, the Critical Minerals Strategy, and the recently unveiled investment to overhaul the British semiconductor industry. Incorporating the new plan into the existing framework marks “a critical milestone in building a resilient, open, and innovative economy,” said Nusrat Ghani, Minister of State at the Department for Business and Trade, in a statement.