India-Japan-Australia push for SCRI to reduce dependency on China
The move initiated by Japan is now taking shape with the Commerce and Trade Ministries of the three countries planning to meet next week
Concerned over China’s aggressive behaviour at borders and in businesses, India, Japan and Australia are planning to launch a Supply Chain Resilience Initiative (SCRI) which may help these countries in reducing the dependency on China, The Economic Times has reported.
The move was initiated by Japan and is now taking shape with the Commerce and Trade Ministries of the three countries planning to meet next week.
According to the report, the Japanese proposal aims at attracting foreign direct investment. It focuses on making the Indo-Pacific region an ‘economic powerhouse’ for the rest of the world to see. Japan has proposed to build a symbiotic relationship among partner countries.
The deal will also strengthen the ongoing partnership deals such as Indo-Japan Industrial Competitiveness partnership which promotes the setting up of Japanese companies in India, the report mentioned.
The report said that after the three countries agree on the terms, the countries will also open the initiative for Association of Southeast Asian Nations (ASEAN).
The Japanese Ministry of Economy, Trade and Industry had recently contacted India with the proposal on launching SCRI by November, The Economic Times reported.
India has also taken the proposal quite seriously following China’s aggressive behaviour at the Line of Actual Control (LAC). The Indian government has said that it would see the proposal with much caution as any alliance as of now would be seen as an alliance against China, the report said.
The report further said that the SCRI is a response to the economies that are concerned about China’s political behaviour.