India-Japan-Australia Alliance To Counter China's Trade Dominance
The countries will take up infrastructure projects and strengthen the fields of science, technology and research
The coronavirus pandemic has prompted major economies to reappraise and reconsider their conventional trading models at the national and international level.
The over-dependence on China for supply of essential food and medical items, has revealed the weakness of the trading economy.
Countries like India, Japan and Australia have seen assertive conduct by China when it comes to economic services. Their trilateral relationship has made efforts to reduce reliance on China by contemplating a supply chain initiative on a priority basis, says an article in Kyodo News.
The Supply Chain Resilience Initiative (SCRI) is a vital plan that was outlined strategically between India and Japan. Their "special strategic and global partnership" is evolving into a commitment, substituting with new technologies and solutions, the article points out.
Significantly, India and Japan have mutually agreed to work on major connectivity infrastructure projects in India and subregional pockets of the Indian Ocean. In addition to that, both countries are improving their economic relations through initiatives like the "Platform for Japan-India Business Cooperation in the Asia-Africa Region" and the "Industrial Competitiveness Partnership,” says the article by Jagannath Panda, Research Fellow and Center Coordinator for East Asia at the Manohar Parrikar Institute for Defence Studies and Analyses in New Delhi.
In a virtual meet held in June, India and Australia reaffirmed to ameliorate their "comprehensive strategic partnership" after the pandemic crisis by promoting collaboration in the fields of science, technology and research.
The economic emphasis is such that it will possibly lure other states in the region, therefore looking after Australia, India and Japan's ties with the Indo-Pacific region broadly. Its aim is to create a "free, fair, inclusive, nondiscriminatory, transparent, predictable and stable trade and investment environment."
The essential intent behind this is to inquire about the unilateral practice that the Chinese trade and investment patterns pose to the nations across the globe.
SCRI has the capability to be a roadmap towards regional economic recovery and allow diversification of regional power.
If it blooms, the SCRI could spread out to the member states of the Association of Southeast Asian Nations. Hence, achieving a dual objective of enhancing closer ties with the Indo-Pacific region and at the same time abating Chinese influence amongst these countries.