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.