New Delhi: India, Japan and Australia have joined hands to isolate China, on the international level and to reduce dependence on Chinese goods. India, Japan and Australia will be establishing an independent network for a reliable supply chain for the products from the Indo-pacific sector. Till now, China dominated the supply of manufactured products in the international economy. But saying that now the world needs a more reliable supply chain, moves are being made to move the global manufacturing hub to India. Prime Minister Modi recently delivered a message that India is ready for the transition.
Two days ago, a virtual meeting was held between the Trade Ministers of India, Australia and Japan. At the time, all three concurred that there is a need to build a supply chain in the Indo-Pacific sector. The main objective is to reduce dependence on China. Japan presented this proposal. All the three countries have set an aim to create a free and transparent trade and investment atmosphere. It is being said that the supply chain between these three countries will be started by the end of this year. The statements of all the three countries said that the new supply chain was necessary, given the Coronavirus crisis and rapidly changing world scenario.
Indian Prime Minister recently said that India has the potential to become the next export hub of the world. He had said that the foundation of the supply chain should be trusted and India is more trustworthy for the world, than China. His appeal is receiving a good response and even Japan has started moving its companies rapidly to India from China. Japan government has announced a special incentive for the Japanese companies shifting their base from China to India. Japan had made a similar announcement nearly three months ago.
China is causing unrest and instability in the Indo-Pacific sector with a demonstration of its military might. Countries from this region have realised that the strong economic muscle of China is an important factor behind this. Therefore India, Japan, Australia and the United States have joined hands, to tighten the economic noose around the Chinese neck. France and Germany also are indicating a change in their position regarding China. India can immensely benefit from these changes in the near future.