Piyush Goyal Advocates Stronger Global Economic Ties at G7 Meeting

Union Minister Piyush Goyal attended the G7 Trade Ministers' meeting in Italy, engaging in several high-level bilateral discussions to enhance global trade relations. He emphasized the importance of resilient supply chains and India's commitment to global economic cooperation under PM Modi's leadership.

Union Minister of Commerce and Industry, Piyush Goyal, attended the G7 Trade Ministers' meeting at Villa San Giovanni, Reggio Calabria, Italy. The event provided a platform for discussions on enhancing global trade relations and economic cooperation. Goyal held several high-level bilateral meetings with international counterparts to foster stronger economic partnerships globally, according to a press release by the Ministry of Commerce and Industry.

Goyal shared his experiences on his official X handle, saying, 'The past two days in Italy have been productive with several bilateral meetings and participation in the Outreach Session for Strengthening the Resilience of Supply Chains at the G7 Trade Ministers' Meeting.' He further highlighted India's growth story and greater avenues for trade and investment under PM Narendra Modi's leadership.

During discussions with Italy's Deputy Prime Minister and Minister of Foreign Affairs, Antonio Tajani, both Ministers agreed to boost bilateral trade and investments, focusing on industrial co-production and clean technologies. Talks with Valdis Dombrovskis, Executive Vice President of the European Commission, centered on promoting India-EU trade, ongoing FTA negotiations, and strengthening cooperation in various areas. Similar discussions were held with the trade ministers of New Zealand, the UK, and Germany, focusing on enhancing bilateral ties and economic partnerships.

Goyal also thanked Italy's Deputy PM for the invitation and emphasized the need to analyze global supply chains' robustness in times of crisis. He discussed India's efforts to build resilient supply chains through platforms like the G20 Generic Framework for Mapping GVCs and the India-Middle East-Europe Economic Corridor.

The Union Minister proposed collaboration in sectors like critical minerals, semiconductors, pharmaceuticals, and green energy. He stressed the importance of public-private partnerships, investments in critical infrastructure, and consistent regulatory frameworks across G7 countries and partner nations. Goyal also addressed the impact of COVID, Conflicts, and Climate change on global value chains and introduced the 3 Fs – fragmented, fragile, and fraught with uncertainties – urging for greater alignment of investment, trade, environment, and energy policies.

(With inputs from agencies.)