International Relations

In a move to counter China’s dominance of offer chain within the Indo-Pacific region, trade ministers of Asian nation, Japan and Australia on Tuesday formally launched the provision Chain Resilience Initiative (SCRI) in a very virtual trilateral ministerial meeting.

What is it?

·        The SCRI aims to form a virtuous cycle of enhancing offer chain resilience with a read to eventually attaining sturdy, property, balanced and comprehensive growth within the region.

·        Initially, SCRI can specialize in sharing best practices on offer chain resilience and holding investment promotion events and buyer-seller matching events {to provide|to offer|to produce} opportunities for stakeholders to explore the likelihood of diversification of their supply chains.

·        Possible policy measures underneath the initiative might include:(i) supporting the improved utilization of digital technology.(ii) supporting trade and investment diversification.

Significance:

·        The SCRI aims to scale back dependence on China amid a probability of rechurning of offer chains within the Indo-Pacific region amid the Covid-19 pandemic.

·        It seeks to make upon the present bilateral frameworks just like the Asean-Japan Economic Resilience Action set up and India-Japan Industrial aggressiveness

·        Partnership and attract foreign direct investment within the region.