Trade officials have now been directed to work out the details of the new initiative for its launch later this year.
A new initiative to establish greater supply-chain resilience in trade and investment between India, Australia and Japan was announced on Tuesday.
The arrangement will, in the long term, act as a counterweight to current and proposed trading arrangements in the Asia-Pacific region, senior officials said. This includes the proposed Regional Comprehensive Economic Partnership pact being discussed by both Australia and Japan. During 2019, the cumulative GDP of the nations was $9.3 trillion while cumulative merchandise goods trade and services trade were $2.7 trillion and $0.9 trillion respectively.
First Published: Sep 01 2020 | 7:35 PM IST