Part of: GS Prelims and GS – II – International Relations
In news
India, Japan and Australia formally launched the Supply Chain Resilience Initiative (SCRI) to build resilient supply chains in the Indo-Pacific region as they seek to reduce dependence on China.
Key takeaways
Aim: 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.
Some of the joint measures shall include: (1) Supporting the enhanced utilisation of digital technology; (2) Trade and investment diversification
It will also focus on sharing best practices on supply chain resilience, holding investment promotion events, buyer-seller matching events to provide opportunities for stakeholders to explore the possibility of diversification of their supply chains.
Expansion of the SCRI may be considered based on consensus, if needed, in due course.
