Beijing: China Wednesday reacted sharply to the tripartite initiative of trade ministers of India, Japan, and Australia to launch the Flexibility Initiative (SCRI) in the supply chain. China said the shifting of industrial chains is against economic laws and this disrupts global supply chains.
The objective of SCRI is to increase the flexibility in the supply chain in the Indo-Pacific region and to develop a reliable source of supply in the region as well as attract investment. Australia’s Trade, Tourism and Investment Minister Dan Tehan, India’s Commerce and Industry Minister Piyush Goyal and Japan’s Economic, Trade and Industry Minister Kaziyama Hiroshi launched the initiative in a digital way.
What did the spokesperson of the Chinese Foreign Ministry say
When asked about the meeting of the three ministers and the introduction of SCRI, Chinese Foreign Ministry spokesman Zhao Lijian said in a press conference that the creation and development of global industrial and supply chains is the result of market-based rules and choice of entrepreneurs.
Cited for violation of given international laws
He said that the upper and lower reach of industrial chains is such a relationship that is cooperative and all parties benefit from it. He said that it is not a gift from one party to the other. Lijian claimed that changing industrial chains is against economic laws and facts. This will not help in solving the problems faced by various countries and disrupt the global industrial supply chains which are not conducive for the stability and improvement of the global economy.
