SCRI: India, Australia, Japan stress on implementation of 'certain steps'

New Delhi: India, Australia and Japan have instructed their officials to implement certain steps such as holding investment promotion events and share best practices as part of the Supply Chain Resilience Initiative (SCRI) of these

three countries, according to a joint statement issued on Tuesday.

The SCRI seeks to enhance the resilience of supply chains in the Indo-Pacific region and develop dependable sources of supply and attract investment.

The initiative was discussed during a meeting between Australia's Minister for Trade, Tourism and Investment Dan Tehan, India's Commerce

and Industry Minister Piyush Goyal and Japan's Minister for Economy, Trade and Industry Kajiyama Hiroshi.

According to a joint statement, which was adopted in the meeting, the ministers instructed their officials to implement certain steps as initial projects of SCRI and further develop the initiative.

The steps include "sharing of best practices on supply chain resilience; and holding investment promotion events and buyer-seller matching events to provide opportunities for stakeholders to explore the possibility of diversification of their supply chains," it added.

The ministers also decided to convene at least once a year to provide guidance to the implementation of the SCRI as well as to consult on ways to develop the initiative.

"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," it said.