Online round table “Risks to the functioning of the value chains in the context of the COVID-19 pandemic: how can the BRICS countries respond?”
On May 27, 2020 National Committee on BRICS Research together with the BRICS Russia Expert Council hosts an online-round table "Risks to the functioning of the value chains in the context of the COVID-19 pandemic: how can the BRICS countries respond?".
Organizers: BRICS Russia Expert Council, National Committee on BRICS Research (Russia)
Date: May 27, 2020
- 9.00 – 11.00 AM (Brasilia)
- 3.00 – 5.00 PM (Moscow)
- 5.30 – 7.30 PM (New Delhi)
- 8.00 – 10.00 PM (Beijing)
- 2.00 – 4.00 PM (Pretoria)
Working language: English
Modern production and supply strategies form regional and global chains, consisting of the various stages of the value creation worldwide. Currently, global value chains (GVCs) have been evolving with the help of new business models due to digitalization processes, as well as the wider dissemination and application of the modern ICTs (robots, artificial intelligence, machine learning, big data, the Internet of things, etc.).
Nowadays, a significant number of companies while choosing the location of the production facilities are mainly motivated by the shorter distances to the markets and the possibility to reduce transport costs, rather than by the prices of production factors and their availability in the producing country. Besides, new technologies have led to even greater fragmentation of the production processes and so-called “third unbundling” of the production chain. It is also worth mentioning that modern production is characterized by the possibility of the product’s customization. The changes mentioned above, on the one hand, may lead to the companies’ greater vulnerability to such global shocks as the pandemic of the COVID-19, on the other hand, create new opportunities for the diversification of production, supply channels, and target markets.
The spread of the coronavirus pandemic undermined the functioning of the GVCs both due to the inability of companies to continue their activities and the restrictive measures taken by different countries to combat the pandemic. The current situation may lead to a GVCs’ crisis both on the supply and the demand side.
Issues for discussion:
− the key risks that the COVID-19 pandemic carries and its consequences for the functioning of the GVCs;
− the BRICS countries’ experience and the best practices in dealing with the negative effects of COVID-19;
− areas of cooperation and coordination among the BRICS countries in combating the negative effects of COVID-19.
For more details please contact BRICS Russia Expert Council: email@example.com (Ms. Ksenia Shevtsova).