NEW DELHI: The trilateral initiative comprising India, Japan and Australia on Tuesday agreed to step up efforts to enhance the supply chain resilience initiative (SCRI), which is seen to be a counter to China’s stronghold on supplies of essentials, with India offering to initially support the supply of five products in the two partner countries.
Commerce and industry minister Piyush Goyal, Australia trade tourism and investment minister Dan Tehan and Japanese minister for economy Kajiyama Hiroshi have decided to initiate policy measures to remove the vulnerabilities in the supply chain by matching each other’s requirements through suppliers in their countries in addition to exploring possibilities of diversification, a joint statement said.
“Possible policy measures may include: (i) supporting the enhanced utilization of digital technology; and (ii) supporting trade and investment diversification,” the joint statement said. The SCRI was started in September as several major powers across the world sought to reduce their reliance on China, where Covid-19 was first spotted.
“Based on the information that will be shared, our officials should map the existing supply chains, identify the gaps and discuss possible options to make them more resilient,” Goyal said at the meeting.
FacebookTwitterLinkedinEMail
