Daily Current Affairs 2021 India, Japan and Australia to launch Supply Chain Resilience Initiative(SCRI) to counter China | Daily Current Affairs 2021

India, Japan and Australia to launch Supply Chain Resilience Initiative(SCRI) to counter China

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India, Australia, and Japan have agreed to the launch of a trilateral Supply Chain Resilience Initiative (SCRI) in order to reduce the dependency on China in a Trilateral Ministerial Meeting held virtually on 27 April, 2021.

Highlights:

The initiative was first proposed by Japan.

In the light of China’s aggressive moves in the Line of Actual Control in Ladakh, the Indian government has decided to consider the proposal quite seriously.

SCRI is aimed at the creation of a free and transparent trade and investment environment.

The idea has also been to throw open the initiative to the ASEAN (Association of Southeast Asian Nations) after India-Japan-Australia builds an understanding of the matter.

About Supply Chain Resilience Initiative (SCRI):

SCRI is a direct response to the individual economies and companies who are concerned about the Chinese political behavior and the disruption which may lead to supply chains.

The main purpose of creating the supply chain will be to improve its resilience across the Indo-Pacific, which in turn will be able to develop a sound economic profile to its security logic.

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