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APAC Trade Co-Operation in Growing Supply Chain Resilience

 Technology Today Bureau

Corona Outbreak has severely handicapped the global supply chain. To revive the supply chain, Japan, India and Australia have decided to come to a tripartite trade agreement which will help to grow the supply chain as a resilient system.

The ministers from three APAC countries held a meeting to discuss the issue. Piyush Goyal, Minister, Commerce and Industry, India; Simon Birmingham, Minister, Trade, Tourism and Investment, Australia and Kijiyama Hiroshi, Minister, Economy, Trade and Industry, Japan were present at the meeting in the video-conference. The outcome of the meeting is likely to be launched later in 2020.

It is proposed that the countries identify their manufacturing and services industries that contribute the most to the growth of the economy and they must be given help in growth. Further, it was proposed that there should be more procurement from India within the APAC region from Japan and Australia.

The move is being seen as a growth initiative given to the intra-regional trade within the APAC region.