Union Minister Piyush Goyal engages with global counterparts at G7 trade ministers' meet in Italy

New Delhi [India], July 17 : Union Minister of Commerce and Industry, Piyush Goyal, participated in the G7 Trade Ministers' meeting held at the picturesque Villa San Giovanni in Reggio Calabria, Italy.
According to a press release by the Ministry of Commerce and Industry, on the sidelines of the meeting, Goyal engaged in several high-level bilateral discussions with international counterparts, showcasing India's dedication to strengthening global economic partnerships.
During talks with Antonio Tajani, Italy's Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, the two ministers agreed to boost bilateral trade and investment, industrial co-production, and collaboration in clean technologies.
Minister Goyal also commended Tajani for hosting a successful G7 Trade Ministers' meeting.
Discussions with Valdis Dombrovskis, Executive Vice President of the European Commission, centered on enhancing India-EU trade and economic collaborations, including ongoing FTA negotiations, read the press release.
They explored opportunities to bolster cooperation in various areas of mutual interest.
In his meeting with New Zealand's Trade Minister, Todd McClay, Goyal discussed ways to strengthen bilateral trade and investment ties for mutual growth, aiming to further enhance the robust trade relationship between India and New Zealand.
Minister Goyal congratulated Jonathan Reynolds, UK Secretary of State for Business and Trade, on his appointment and discussed deepening bilateral economic relations. They also addressed advancing discussions on a Free Trade Agreement (FTA) between India and the UK, read the press release.
In a conversation with Dr Robert Habeck, Germany's Federal Minister for Economic Affairs & Climate Action, Goyal discussed elevating the growing Indo-German trade and economic partnership, focusing on upcoming Inter-Governmental Consultations and the Asia-Pacific Conference of German Businesses in Delhi.
These bilateral engagements are anticipated to significantly advance India's trade relations with key international partners.
Goyal's participation in the G7 Trade Ministers' meeting highlights India's proactive approach in engaging with global economies to foster trade and economic cooperation.
During the session, Goyal thanked Antonio Tajani for the invitation and emphasized the importance of analyzing the robustness of global supply chains in times of crisis, referencing the Covid-19 pandemic, the Ukraine-Russia conflict, and the Red Sea crisis.
He highlighted the efforts of various countries to build resilient supply chains through platforms such as the G20 Generic Framework for Mapping Global Value Chains (GVCs), the 14-member Indo-Pacific Economic Framework (IPEF) association, the Trilateral Supply Chain Resilience Initiative (SCRI), and the India-EU Trade and Technology Council (TTC).
Shri Goyal discussed India's initiatives with strategic partners like the US, GCC countries, and the EU, including the India-Middle East-Europe Economic Corridor (IMEC) to strengthen supply chains, and emphasized India's domestic measures to enhance multimodal connectivity for an integrated supply chain with markets, distribution systems, and logistics, read the press release.
The minister proposed collaboration among trusted partners to reinforce global supply chains in critical sectors such as critical minerals, semiconductors, pharmaceuticals, and green energy.
He advocated for public-private partnerships, investments in critical infrastructure, innovation, and consistent regulatory frameworks across G7 countries and partner nations.
He addressed the impact of the "3 Cs" - Covid, Conflicts, and Climate Change - on global value chains, stressing the need for robust partnerships and cooperation.
He also introduced the concept of the "3 Fs" - fragmented, fragile, and fraught with uncertainties - characterizing the current global context, and urged greater alignment of investment, trade, environment, and energy policies to fortify global supply chains.
Minister Goyal underscored the necessity for resilient supply chains that can endure beyond the current generation.