GS PAPER II: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.

Context: In a move to counter China’s dominance of supply chain in the Indo-Pacific region, trade ministers of India, Japan and Australia formally launched the Supply Chain Resilience Initiative (SCRI) in a virtual trilateral ministerial meeting.

About Supply Chain Resilience Initiative:

• The Supply Chain Resilience Initiative 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.
• 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 may include:

(i) supporting the enhanced utilization of digital technology; and

(ii) supporting trade and investment diversification.

• Initially, SCRI will focus on sharing 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.

https://www.livemint.com/

Download PDF