In this English vocabulary lesson, you’ll learn a fairly new expression in English: ‘friend-shoring’.
Headline: Yellen says the U.S. and its allies should use 'friend-shoring' to give supply chains a boost
Three words to highlight here: ‘allies’, ‘friend-shoring’, and ‘boost’.
Well, allies are states that cooperate with each other for some kind of purpose. In Spanish ‘aliados’. But take care with the pronunciation; ‘allies’, not ‘allees’. And in the singular, ‘ally’.
We have seen in previous lessons that a boost’ is some kind of assistance. It is a help. And it is often used in the verb form ‘to boost’ (to assist, to help).
So, now that you understand the context of the headline, what does ‘friend-shoring’ mean? Well, friend shoring is when you prioritize your supply chain networks with your allies or other friendly countries.
Maybe in the past, you have heard the expression ‘onshoring’. That refers to transferring supply chains back home. Then there is also ‘nearshoring’. That refers to transferring supply chains closer to home.
So, ‘friend-shoring’ is a different concept. Again, ‘friend-shoring’ is strengthening a country’s supply chain connections with a network of allies and other friendly countries.
And of course, the ultimate goal of this strategy is to make supply chains more resilient in the face of shocks.
Okay, that’s all for this lesson.
Remember that ‘allies’ are entities that come together for a shared purpose.
And of course, a ‘ boost’ is a ‘ help’, and ‘to boost’ means ‘to help’.
‘Friend-shoring’ means prioritizing your friends and allies when you develop and strengthen supply chains.
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Okay. That´s it for now. I will be back soon with another English lesson for people working in the areas of economics and finance. See you then!