Currently, global supply chains are China dominated and amidst the COVID-19 pandemic, an aggressive Beijing necessitated alternate supply chains by like-minded countries like--India, the US, Japan, Australia.
Diversification of supply chains was the top focus of the India-Italy virtual summit on Friday, the 5th such virtual summit attended by Prime Minister Narendra Modi amidst the COVID-19 pandemic.
The virtual summit between Indian PM Modi and Italian Prime Minister Giuseppe Conte also saw both sides discussing the COVID-19 crisis and G20 summit, given Italy will host the summit next year and India in 2022.
Sandeep Chakravorty, Secretary (Europe West) at the MEA presser, after the virtual summit said, "Italy is very keen to diversify its supply chains & investment to have a more substantive economic partnership with India. Bilateral economic cooperation was focused on diversification of supply chains".
India, Australia, and Japan are working on alternate supply chains, and the focus is such that more countries should join the initiative.
In fact, one was the virtual summit with Denmark's PM and the focus on the diversified supply chain.
Currently, global supply chains are China dominated and amidst the COVID-19 pandemic, an aggressive Beijing necessitated alternate supply chains by like-minded countries like--India, the US, Japan, Australia.
Interestingly, the joint statement after the summit saw both sides stressing on the "importance of the Indo-Pacific region as a fundamental area" for connecting Asia and Europe and stated their countries’ willingness to support "all connectivity initiatives based on internationally recognized norms and standards, good governance, rule of law, inclusiveness, transparency and a level playing field."
All in all, 15 MoUs were signed between the 2 sides on trade, technology, shipping, energy.
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