India, Australia and Japan, the three nations are set to establish a framework to tackle trade and investment barriers along with trade and investment promotion in a major boost to the trilateral engagement between the 3 nations.
As part of the Supply Chain Resilience Initiative (SCRI), the three countries are seeking to set up industrial parks, a mechanism to address trade and investment barriers, a streamlined risk management system, improved sea and air connectivity between them, digitalization of trade documents and exchange of regulatory information to address trade and investment barriers.
The three nations are also on course to finalize a track 1.5 dialogue in line with the above plan, which would involve industries and academia, apart from governments, to strengthen trilateral ties.
Also, it should be noted that at least 10 product and service categories have already been identified by the three nations to focus on. These include bulk drugs, pharmaceuticals and medical devices, components for automobiles and automobiles, petroleum and petrochemicals, steel and tourism, IT and financial services.
The SCRI seeks to build on existing frameworks, such as the ASEAN-Japan Economic Resilience Action Plan and the India-Japan Industrial Competitiveness Partnership, first proposed by Japan with the aim of reducing dependence on China.