SUPPLY CHAIN RESILIENCE
■ SUPPLY CHAIN RESILIENCE INITIATIVE (SCRI) LAUNCHED.
◇ The Supply Chain Resilience Initiative (SCRI) was formally launched on Tuesday by the Trade Ministers of India, Japan and Australia.
◇ The three sides agreed that pandemic revealed supply chain vulnerabilities globally and in the region and noted the importance of risk management and continuity plans in order to avoid supply chain disruptions.
□ CHINA'S REACTION
◇ China’s Foreign Ministry on Wednesday described the move as ‘unrealistic’.
◇ The formation and development of global industrial and supply chains are determined by market forces and companies choices, it said.
◇ It also said that the artificial industrial ‘transfer’ is an unrealistic approach that goes against the economic laws and can neither solve domestic problems nor do anything good to the stability of the global industrial and supply chains.
▪︎ SOURCE - THE HINDU.📰
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