The trade ministers of India, Japan and Australia on April 27, 2021 formally launched the Supply Chain Resilience Initiative (SCRI) in a virtual trilateral ministerial meeting.
- The SCRI aims to create a virtuous cycle of enhancing supply chain resilience with a view to eventually attaining strong, sustainable, balanced and inclusive growth in the region.
- Possible policy measures may include: (i) supporting the enhanced utilization of digital technology; and (ii) supporting trade and investment diversification,” said the joint statement by the ministers.
- The move is to counter China’s dominance of supply chain in the Indo-Pacific region.
- According to the Mint, in 2019, the cumulative GDP of the three countries was $9.3 trillion, while cumulative merchandise goods and services trade were $2.7 trillion and $900 billion, respectively.
(The Mint)
