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).
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).
What is SCRI?
- The Supply Chain Resilience Initiative is a trilateral push to create a free and transparent trade and investment environment.
- The initiative was launched after high-level consultations since September last year, among the three countries.
- Focus area: 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.
- Aim: 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.
The Indo-Pacific region
- In terms of geo-spatiality, the Indo-Pacific is broadly to be understood as an interconnected space between the Indian Ocean and the Pacific Ocean.
- Its expanse is debated to be ranging from the eastern shores of Africa to the western coast of the United States, albeit with variations in definitions depending on each actor and their own geographic positioning in the vast expanse
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