EU to Focus on Diversifying Crucial Supply Chains, Says Borrell

The European Union will seek to diversify its supply chains to cut reliance on other nations for crucial assets such as medicines, even as it works to strengthen trade ties with India, the bloc’s top diplomat said.

The reevaluation by the group of 27 countries will mark a shift similar to moves made after the oil crisis in the 1970s when Europe faced high prices amid fuel shortages, said the group’s foreign policy chief Josep Borrell in an email interview ahead of Wednesday’s India-EU trade summit.