China’s Dominance In The World Supply Chain To End Soon
China’s dominance in the world supply chain to end soon, India, Japan, and Australia come together, Make in India and Self-reliant India will get strength. India, Japan, and Australia on Tuesday announced a joint program to end China’s dominance in the world supply chain. The Commerce and Industry Ministers of the three countries shared a virtual meeting.
At the same time, America is expected to join this common event soon. On this occasion, India’s Commerce and Industry Minister Piyush Goyal said that three countries can establish a strong and reliable supply chain in the Pacific Ocean region which will be risk-free and stable in terms of value.
However, China was not named during the meeting, but the United States along with Australia, Japan, and India also wants to end China’s dominance in the world supply chain. Australia has expressed its uneasiness to criticize China’s expansion policy to reduce its business dependence on China.
Japan has already announced incentives to Japanese companies working in China in return for leaving there. The trade war between the US and China is fast catching up again and the US has expressed a desire to see India becoming a major part of the supply chain instead of China.
According to Commerce Ministry sources, there is not a big business between India and Australia or India-Japan as India-China. But on Tuesday, the meeting between the three countries regarding supply chain establishment will send a big message about the supply chain in the Pacific Ocean region.
According to the Commerce Ministry, goods trade between India, Japan, and Australia is $ 2.7 trillion, while services business is $ 0.9 trillion. In the year 2018, 17.6 billion business was done between India and Japan. Which is only 20 percent of the trade with China and India.
India’s share in Japan’s imports is only 1.1 percent. Despite all this, sources in the Commerce Ministry said that the formation of a supply chain between India, Japan, and Australia would end India’s dependence on China and strengthen the Make in India program.
Australia and Japan want India to be part of the supply chain as an alternative to China, as India is a country with a large population like China and India has plenty of resources like China. With the help of Japanese technology, China was able to achieve success in the field of electronics. Now India wants to bring Japanese companies to India.
