{"id":103881,"date":"2021-04-28T17:30:54","date_gmt":"2021-04-28T12:00:54","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=103881"},"modified":"2021-04-28T17:47:44","modified_gmt":"2021-04-28T12:17:44","slug":"supply-chain-resilience-initiative-or-scri-launched-by-india-japan-and-australia","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/supply-chain-resilience-initiative-or-scri-launched-by-india-japan-and-australia\/","title":{"rendered":"&#8220;Supply Chain Resilience Initiative or SCRI&#8221; launched by India, Japan and Australia"},"content":{"rendered":"<p><span style=\"color: #000000;\"><strong>What is the News?\u00a0<\/strong>India, Japan, and Australia have launched the SCRI or <a style=\"color: #000000;\" href=\"https:\/\/forumias.com\/blog\/supply-chain-resilience-initiative-or-scri-launched-by-india-japan-and-australia\/\">Supply Chain Resilience Initiative<\/a> in a virtual Trilateral Ministerial Meeting.<\/span><\/p>\n<h5><strong>What do you mean by Supply Chain Resilience?<\/strong><\/h5>\n<ul>\n<li>It is the <span style=\"text-decoration: underline;\">capability of the supply chain<\/span> of a country <span style=\"text-decoration: underline;\">to handle any kind of disruption<\/span> and function normally in difficult times. One approach is <span style=\"text-decoration: underline;\">diversifying the source of supply<\/span> across a group of supplying nations instead of being dependent on just one or a few.<\/li>\n<li><strong>Need<\/strong>: Disruption of supplies from a particular country can happen due to <a href=\"https:\/\/forumias.com\/blog\/a-helping-hand-in-the-time-of-natural-calamities\/\"><span style=\"text-decoration: underline;\">natural calamities<\/span><\/a> such as pandemics or <span style=\"text-decoration: underline;\">man-made events<\/span> such as armed conflicts. It can adversely impact the destination country\u2019s economic activities.<\/li>\n<li><strong>Example<\/strong>: Japan imported $169 billion worth from China in 2019 accounting for 24% of its total imports. However, Japan\u2019s imports from China fell by half in February 2020 that impacted Japan\u2019s economic activity.<\/li>\n<\/ul>\n<h5><strong>About Supply Chain Resilience Initiative:<\/strong><\/h5>\n<ol>\n<li><strong>Aim: <\/strong>The initiative aims to create a <span style=\"text-decoration: underline;\">virtuous cycle of enhancing supply chain resilience<\/span> to attain strong, sustainable, balanced, and inclusive growth in the region.<\/li>\n<li><strong>Projects: <\/strong>The initial projects under the SCRI will be:\n<ul>\n<li><span style=\"text-decoration: underline;\">Sharing of best practices<\/span> on supply chain resilience and<\/li>\n<li><span style=\"text-decoration: underline;\">Organizing Investment promotion events<\/span> and buyer-seller matching events. It will provide stakeholders an opportunity to explore the <span style=\"text-decoration: underline;\">possibility of diversification of their supply chains<\/span>.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Policy Areas: <\/strong>The possible policy measures may include:\n<ol>\n<li>supporting the enhanced utilization of digital technology and<\/li>\n<li>supporting trade and investment diversification.<\/li>\n<\/ol>\n<\/li>\n<li><strong>Meeting: <\/strong>The meeting by the trade ministers of three countries will be convened at least once a year. It will be helpful in the implementation of the SCRI as well as to consult on how to develop the Initiative.<\/li>\n<\/ol>\n<h5><strong>What was the need for this initiative?<\/strong><\/h5>\n<ul>\n<li><strong>Firstly, Covid-19 Impact: <\/strong>With the disruption by <a href=\"https:\/\/forumias.com\/blog\/issues-in-pricing-mechanism-of-covid-19-vaccines\/\">Covid-19<\/a>, countries have realized the shortcomings of that dependence over a single nation. Thus, the initiative aims to reduce the dependency on a single nation (at present China).<\/li>\n<li><strong>Secondly, Impact of US-China Trade Tensions:<\/strong> The tariff sanctions imposed on each other during the US-China trade threatened all significant economies heavily reliant on international trade.<\/li>\n<li><strong>Thirdly<\/strong>, <strong>to counter China&#8217;s<\/strong> <strong>Influence<\/strong> in the Indo-Pacific Region.<\/li>\n<\/ul>\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.thehindubusinessline.com\/news\/national\/india-japan-and-australia-launch-the-supply-chain-resilience-initiative\/article34423698.ece\"><strong>Hindu Businessline<\/strong><\/a><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the News?\u00a0India, Japan, and Australia have launched the SCRI or Supply Chain Resilience Initiative in a virtual Trilateral Ministerial Meeting. What do you mean by Supply Chain Resilience? It is the capability of the supply chain of a country to handle any kind of disruption and function normally in difficult times. One approach&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/supply-chain-resilience-initiative-or-scri-launched-by-india-japan-and-australia\/\">Continue reading <span class=\"screen-reader-text\">&#8220;Supply Chain Resilience Initiative or SCRI&#8221; launched by India, Japan and Australia<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,1351,1310,164,9],"tags":[1420],"class_list":["post-103881","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-daily-news","category-daily-news-updates","category-international-relations-daily-factly-articles","category-public","tag-ir_3","entry"],"jetpack_featured_media_url":"","views":{"total":1,"cached_at":"","cached_date":1702058498},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/103881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=103881"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/103881\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=103881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=103881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=103881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}