G7 Trade Ministers’ Meet: Piyush Goyal Discusses Economic Ties, Supply Chain Resilience

GG News Bureau
Reggio Calabria, 18th July. Union Minister of Commerce and Industry Piyush Goyal attended the G7 Trade Ministers’ meeting in Villa San Giovanni, Reggio Calabria, Italy, focusing on enhancing global trade relations and economic cooperation.

On the sidelines, Goyal held bilateral meetings with international counterparts, discussing deeper economic ties and FTAs with the EU and UK.

During his meeting with Antonio Tajani, Italy’s Deputy Prime Minister, both leaders agreed to enhance bilateral trade, investments, and cooperation in clean technologies. Shri Goyal also engaged with Valdis Dombrovskis, Executive Vice President of the European Commission, to promote India-EU trade and ongoing FTA negotiations.

Goyal and New Zealand’s Trade Minister, Todd McClay, explored opportunities to enhance bilateral trade and investment ties.

Discussions with UK Secretary of State for Business and Trade, Jonathan Reynolds, included plans to advance the India-UK FTA talks. Conversations with Dr. Robert Habeck, Germany’s Federal Minister for Economic Affairs & Climate Action, focused on elevating Indo-German trade and preparing for the Asia-Pacific Conference of German Businesses in Delhi.

These engagements are expected to lead to significant advancements in India’s trade relations with key international partners. Shri Goyal’s participation in the G7 Trade Ministers’ meeting underscores India’s proactive approach in fostering global trade and economic cooperation.

At the meeting, Goyal highlighted the importance of resilient global supply chains in the face of Covid-19, conflicts, and climate change. He emphasized India’s initiatives with strategic partners to strengthen supply chains and proposed collaboration in critical areas like minerals, semiconductors, pharmaceuticals, and green energy. He advocated for public-private partnerships, investment in critical infrastructure, and consistent regulatory frameworks.

Goyal addressed the impact of the 3 Cs—Covid, Conflicts, and Climate change—on global value chains, stressing the need for robust partnerships.

He also introduced the concept of the 3 Fs—fragmented, fragile, and fraught with uncertainties—describing the current global context and urging for greater alignment in investment, trade, environment, and energy policies to fortify global supply chains.