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Supply Chain Resilience Initiative

  • 28th April, 2021
  • In a move to counter China's dominance of supply chain in the Indo-Pacific region and creating a virtuous cycle of enhancing supply chain resilience with a view to attaining strong, sustainable, balanced and inclusive growth in the region, trade ministers of India, Japan and Australia formally launched the 'Supply Chain Resilience Initiative (SCRI).
  • The Ministers consented that expansion of the SCRI may be considered based on consensus, if needed, in due course. 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.
  • Possible policy measures in SCRI may inude-
    • Supporting the enhanced utilization of digital technology
    • Supporting trade and investment diversification
  • The ministers decided to convene atleast once a year to provide guidance to the implementation of the SCRI as well as to consult on how to develop the initiative.

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