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Australia, India, and Japan unveil new supply chain initiative
In a move to counter China’s dominance of the supply chain in the Indo-Pacific region, trade ministers of India, Japan, and Australia are teaming up, formally launching the Supply Chain Resilience Initiative (SCRI) in a virtual trilateral ministerial meeting.
Its aim is to counter China’s dominance on trade in the Indo-Pacific, and the three nations are seeking to build stronger supply chains.
In a joint statement, the ministers consented that expansion of the SCRI may be considered based on consensus.
“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 region.”
Ministers have agreed to convene once a year to progress the initiative.