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ALI applauds the bipartisan Medical Supply Chain Resiliency Act, introduced earlier this summer, by Senators Carper and Tillis in the Senate, and Representatives Schneider and Steel in the House. If passed, the legislation would authorize the President to negotiate a supply chain agreement covering medical equipment with a group of close allies and partners that have demonstrated a commitment to global health security, rule of law, and transparency. Such an agreement would aim to eliminate tariff and non-tariff barriers, strengthen intellectual property protection, ensure regulatory compliance and R&D collaboration. Congress would retain the right to approve the final agreement.
This legislation is a good example of creative thinking in a new trade era. While the timing is not right for the comprehensive, multilateral trade agreements of the past, the opportunity is ripe for narrower agreements. The U.S. should look to negotiate agreements with allies and partners in key sectors or with specific countries, to strengthen supply chain resiliency, expand markets, protect national security, and establish new high labor, environmental and digital standards as a bulwark against China's autocratic standards.
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