India, Japan, Australia launch supply chain to counter China

  • The Trade Ministers of India, Japan and Australia have formally launched the Supply Chain Resilience Initiative (SCRI).
  • The SCRI aims to create a virtuous cycle of enhancing supply chain resilience with a view to eventually attaining strong, sustainable, balanced and inclusive growth in the Indo-Pacific region. 
  • The SCRI was first proposed by Japan. 
  • It aims to reduce dependence on China amid a likelihood of rechurning of supply chains in the Indo-Pacific region amid the Covid-19 pandemic.
  • Initially, SCRI will focus on sharing of best practices on supply chain resilience and holding investment promotion events and buyer-seller matching events to provide opportunities for stakeholders to explore the possibility of diversification of their supply chains.

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