A Supply Chain Resilience Initiative (SCRI) has been formally launched by the trade ministers of India, Japan and Australia in a trilateral ministerial meeting held virtually this week. The three nations will share best practices on supply chain resilience, hold investment promotion and buyer-seller matching events for diversification of their supply chains.

"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," India's ministry of commerce and industry said in a statement.

To quickly take forward the initiative, the ministers—Dan Tehan, Australia’s minister for trade, tourism and investment; Piyush Goyal, India’s minister for commerce and industry, and Kajiyama Hiroshi, Japan’s minister for economy, trade and industry—explored convening the Trilateral Ministerial Meeting, once in four months.

The ministers acknowledged that the COVID-19 pandemic was having an unprecedented impact in terms of lives lost, livelihoods and economies affected, and that the pandemic had revealed supply chain vulnerabilities globally and in the region. The ministers also noted that some supply chains have been left vulnerable due to a range of factors, the statement added.

Based on the high-level consultations among Australia, India and Japan since September last year, the ministers noted the importance of risk management and continuity plans in order to avoid supply chain disruptions and affirmed their commitment to strengthen resilient supply chains. Possible policy measures may include: (i) supporting the enhanced utilisation of digital technology; and (ii) supporting trade and investment diversification.

The ministers consented that expansion of the SCRI may be considered based on consensus, if needed, in due course.

Fibre2Fashion News Desk (RKS)

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