INDIA, JAPAN AND AUSTRALIA LAUNCHES SUPPLY CHAIN TO COUNTER CHINA.

In a move to counter China’s dominance of supply chain in the Indo-pacific region, trade ministers of India, Japan and Australia on Tuesday, Formally launched the Supply Chain Resilience Initiative SCRI in a virtual trilateral ministerial meeting. The trade ministers first met in September last year to explore the possibility of supply chain initiative.
Supply chain
Global supply chains are complex beasts. They are multi-tiered, multi-dimensional ecosystems of intimately related parts that allow lean, just-in-time manufacturing, and delivery models. This complexity gives rise to supply chain vulnerabilities as threats, such as natural disasters, accidents, trade wars, and cyber attacks that grow in frequency and severity.
Supply chain Resilience;
Supply chain resilience is a supply chain’s ability to be prepared for unexpected risk events. If you have a resilient supply chain, you can manage to respond and recover quickly to these disruptions by returning to the original situation or by moving to, A new, more desirable state in order to increase customer service, market share and financial performance.
Aim of SCRI
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 ministers consented that expansion of the SCRI may be considered based on consensus, if needed, in due course.

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