"We are very close with India" on trade deal, Bessent tells Fox News
"We are very close with India," Bessent told Fox News in response to a question about progress on trade negotiations.
(Reporting By Dan Burns)
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Just when it seemed the global supply chains had finally cleared the shadow of the pandemic, they have once again found themselves disrupted, this time by recent tariffs. As policymakers in Washington weigh steeper duties on goods from China and beyond, businesses worldwide brace for the ripple effects — rising costs, disrupted supply lines, and a fresh layer of uncertainty in an already fragile global economy. The sheer complexity of modern supply chains means that protectionist policies rarely impact just one country or sector; instead, they send shockwaves through a tightly interconnected web of suppliers, manufacturers, and logistics networks. Even businesses that have no direct dealings with the US can find themselves caught in the crossfire as trade tensions force companies to rethink sourcing strategies, reroute shipments, and scramble to maintain stability. 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A key element of this transformation is the move towards deeper supplier collaboration. Traditional cost-cutting measures that prioritise short-term gains over long-term resilience are increasingly being replaced by partnerships that drive efficiency, innovation, and sustainability across supply chains. This approach is critical for the UAE's economic agenda, as it seeks to position itself as a hub for trade and investment that benefits all parties involved. Supplier collaboration is emerging as a cornerstone of modern trade relationships. Research shows that businesses focusing on supplier partnerships see increased efficiency, resilience, and innovation. In contrast, those who treat suppliers purely as cost centres often struggle with quality issues, supply chain disruptions, and reputational risks. By embedding collaborative principles into procurement and supply chain management, businesses operating in the UAE can align with the country's broader economic vision while gaining competitive advantages. Resilience, trust, innovation and sustainability benefits abound One of the fundamental benefits of deeper supplier collaboration is risk mitigation. In an era of geopolitical uncertainties, fluctuating tariffs, and supply chain disruptions, businesses need stable and reliable partners. By working closely with suppliers, companies can diversify sourcing strategies, ensure consistent quality, and develop contingency plans that prevent costly bottlenecks. The UAE's investments in Africa's logistics infrastructure demonstrate this principle in action — by facilitating the movement of goods more efficiently, businesses benefit from improved supply chain continuity. Transparency is another critical advantage of a collaborative approach. When businesses share demand forecasts, inventory data, and production schedules with suppliers, it allows for better resource planning and waste reduction. The UAE's emphasis on rules-based trade aligns with this philosophy, as transparency fosters trust and ensures that all stakeholders operate under fair and predictable conditions. Supplier scorecards, for instance, offer a structured way to evaluate performance, identify areas for improvement, and build stronger, more accountable relationships. Moreover, collaboration with suppliers opens doors for shared investment in innovation. Rather than negotiating for the lowest possible price — often at the expense of quality and reliability — companies can co-develop solutions that enhance productivity, sustainability, and market competitiveness. The UAE's Africa Economic Corridor Strategy illustrates this approach by encouraging investment in new trade routes and logistics capabilities that benefit both Emirati businesses and their African counterparts. Similarly, businesses that partner with suppliers on innovation projects, such as sustainable packaging or digital supply chain solutions, can drive efficiencies while reinforcing their commitment to responsible business practices. Sustainability is another area where supplier collaboration is essential. The UAE's vision for economic development includes strong environmental and social governance principles, making it imperative for businesses to work with suppliers who align with these values. Collaborative supplier relationships enable companies to evaluate alternative sourcing options, explore lower-carbon transport solutions, and establish fair labour practices across the supply chain. By fostering a culture of shared responsibility, businesses can contribute to the UAE's long-term sustainability goals while improving their own reputations and resilience. Procurement platform underpins success All these benefits can be realised only through the application of the right technology, which today plays a vital role in enabling supplier collaboration. Advanced procurement platforms in particular provide real-time insights into supply chain performance, allowing businesses to identify inefficiencies, optimise procurement strategies, and enhance decision-making. These platforms act as a bridge between buyers and suppliers, enabling seamless communication, automating processes, and ensuring compliance with trade regulations. By leveraging AI-powered analytics and automation, businesses can move beyond transactional supplier relationships to more strategic, value-driven partnerships. The UAE's emphasis on digital transformation extends to its trade agenda, with smart trade platforms and blockchain-based solutions enhancing transparency, reducing paperwork, and facilitating faster transactions. Procurement technology is not just a tool — it is a catalyst for the future of open, collaborative trade. Ultimately, the country's push for an open, rules-based foreign trade agenda is not just about signing agreements or reducing trade barriers; it is about fostering a more cooperative and interconnected global economy. Supplier collaboration is at the heart of this vision, offering businesses a pathway to greater efficiency, resilience, and innovation. As trade relationships become more interdependent, those who invest the technologies that enable strong, transparent, and mutually beneficial supplier partnerships will be the ones who thrive in the new global trade landscape.
