September 1, 2020
Diversification of production portfolio and the identification of competitive sectors have been identified as the first steps to consolidation.
The role of the business and academic fraternity in addition to the support of similar like-minded nations are being recognized.
Partner nations are to be evaluated on the basis of growth, policy strength as well as the extent of debt and fiscal health.
Sh Piyush Goyal emphasised on the need for increased procurement from India in processed agriculture, marine products and steel.
The launch of a trilateral Supply Chain Resilience Initiative (SCRI) between the nations of India, Australia and Japan were discussed during a virtual meeting between representatives. The meeting which saw the participation of Simon Birmingham, Minister for Trade, Tourism and Investment (Australia), Kajiyama Hiroshi, Minister of Economy, Trade and Industry (Japan) and Piyush Goyal, Minister of Commerce and Industry (India), outlined the scope of cultivating trilateral supply chain resilience against the backdrop of the ongoing COVID-19 pandemic. The diversification of production portfolio, identification of competitive sectors and the end-to-end digitisation of documentation and trading have been highlighted as factors crucial to the concretisation of the supply chain. Sh Piyush Goyal remarked “The diversification of supply chain is critical for managing the risks associated with supply of inputs including disciplining price volatility. We could provide the core pathway for linking value chains in the region by creating a network of reliable long term supplies and appropriate capacities.” while indicating India’s openness towards embracing a trustworthy supply chain.
The Ministers also identified the joint responsibility of the business and academic fraternity in addition to the support of similar like-minded nations as crucial to the success of the initiative. Partner nations are to be evaluated on the basis of growth, policy strength, extent of debt and fiscal health among other factors. Sh Goyal also recognised India’s synergies with Australia and Japan while highlighting the need to increase the demand for Indian goods and services across sectors including processed agriculture, agro-chemicals, marine products and steel.
Indo-Australian bilateral relations have been concentrated in the domains of defence, energy and security with potential partnerships being identified in the IT/ITeS and healthcare sectors. Partnership between the nations have played a key role in ensuring the welfare of the Indian Ocean and Asia Pacific regions. Indo- Japanese relations, on the other hand, have been spread across the domains of security and infrastructure. Policies like ‘Act East’ and the ‘Partnership for Quality Infrastructure provide incentive to deepen the quality of existing relations. With the launch of the Supply Chain Resilience Initiative (SCRI), India’s cooperation with Australia and Japan will seek to strengthen the scope of existing trilateral trade relations.