Indian minister of commerce and industry Piyush Goyal, Australia’s minister for trade, tourism and investment Simon Birmingham and Japan’s minister of economy, trade and industry Kajiyama Hiroshi shared their intention to launch an initiative for regional cooperation on supply chain resilience in the Indo- Pacific in a recent ministerial videoconference.
They instructed their officials to promptly work out the details of the new initiative for its launch later this year.Indian minister of commerce and industry Piyush Goyal, Australia's minister for trade, tourism and investment Simon Birmingham and Japan's minister of economy, trade and industry Kajiyama Hiroshi shared their intention to launch an initiative for regional cooperation on supply chain resilience in the Indo- Pacific in a recent ministerial videoconference.#
The ministers reaffirmed their determination to take a lead in delivering a free, fair, inclusive, non-discriminatory, transparent, predictable and stable trade and investment environment and in keeping their markets open, according to an Indian government press release.
In light of the COVID-19 crisis and the recent global-scale changes in the economic and technological landscape, the ministers underscored the necessity and potential to enhance the resiliency of supply chains in the Indo-Pacific region.
Goyal said that the initiative also dwells on improving the competitiveness of sectors and for that, there may be a need to identify the manufacturing and services sectors that contribute most to the domestic value addition in the region.
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