Piyush Goyal Engages in Key Bilateral Talks at G7 Trade Ministers' Meeting in Italy

On the sidelines of the meeting, Shri Goyal held several high-level bilateral discussions, reflecting India's dedication to strengthening economic partnerships worldwide.

Union Minister of Commerce and Industry, Shri Piyush Goyal, attended the G7 Trade Ministers' meeting at Villa San Giovanni in Reggio Calabria, Italy. The event provided a crucial platform for discussions aimed at enhancing global trade relations and economic cooperation. On the sidelines of the meeting, Shri Goyal held several high-level bilateral discussions, reflecting India's dedication to strengthening economic partnerships worldwide.

In his meeting with Italy's Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, Antonio Tajani, the two leaders agreed to boost bilateral trade and investments, industrial co-production, and collaboration in clean technologies. Minister Goyal also commended Mr. Tajani for hosting a successful G7 Trade Ministers' meeting.

Discussions with Valdis Dombrovskis, Executive Vice President of the European Commission, focused on enhancing India-EU trade and economic collaborations, including ongoing Free Trade Agreement (FTA) negotiations. Both sides explored opportunities to deepen cooperation in various areas of mutual interest.

Shri Goyal also engaged with New Zealand's Trade Minister, Mr. Todd McClay, to explore ways to strengthen bilateral trade and investment ties, aiming to further enhance the robust trade relationship between India and New Zealand.

In his conversation with Mr. Jonathan Reynolds, the UK Secretary of State for Business and Trade, Shri Goyal congratulated him on his appointment and discussed plans to advance the India-UK FTA discussions, seeking to deepen bilateral economic relations.

Shri Goyal also met with Dr. Robert Habeck, Germany's Federal Minister for Economic Affairs & Climate Action, to discuss opportunities for enhancing the Indo-German trade and economic partnership. Their discussions included preparations for the upcoming Inter-Governmental Consultations and the Asia-Pacific Conference of German Businesses in Delhi.

These bilateral engagements are anticipated to pave the way for 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 to engaging with global economies to foster trade and economic cooperation.

During the session, Shri Goyal expressed gratitude to Mr. 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 such as the US, GCC countries, and the EU, including the India-Middle East-Europe Economic Corridor (IMEC) to strengthen supply chains. He also highlighted India's domestic measures to enhance multimodal connectivity for a seamless supply chain integrated with markets, distribution systems, and logistics.

The minister proposed collaboration among trusted partners to reinforce global supply chains in critical areas such as 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.

Addressing the impact of the 3 Cs – Covid, Conflicts, and Climate change – on global value chains, Shri Goyal emphasized the necessity for robust partnerships and cooperation. He introduced the concept of the 3 Fs – fragmented, fragile, and fraught with uncertainties – characterizing the current global context and urged for greater alignment of investment, trade, environment, and energy policies to fortify global supply chains, emphasizing the need for resilient supply chains that endure beyond the current generation.