Piyush Goyal to Foster Global Trade Partnerships at G7 Meeting in Italy

Commerce and Industry Minister Piyush Goyal will attend bilateral meetings in Italy with G7 counterparts to boost trade and investment. The outreach session of the G7 Trade Ministers' Meeting will focus on India's commitment to global trade. Prior to Italy, Goyal will visit Switzerland for discussions on the EFTA TEPA.

Commerce and Industry Minister Piyush Goyal will hold bilateral meetings at Reggio Calabria in Italy next week with his counterparts from G7 nations to discuss ways to boost trade and investments, according to an official statement released on Saturday.

Reggio Calabria, a coastal city in southern Italy, will host the discussions among the Group of Seven (G7) industrialised nations comprising Canada, France, Germany, Italy, Japan, the UK, and the US.

The meetings aim to explore new trade and investment opportunities, resolve bilateral issues, and deepen economic cooperation. Goyal will join these deliberations on the sidelines of the G7 Trade Ministers' Meeting scheduled for July 16-17 in Italy.

The outreach session will see Goyal engaging in bilateral meetings with trade ministers from G7 countries and other participating nations, reinforcing India's commitment to global trade and investment partnerships, the commerce and industry ministry stated.

India will showcase its significant trade and investment opportunities during the session, with the minister emphasizing India's vision for global trade resilience, ease of doing business reforms, and initiatives to attract foreign investments.

This visit is crucial as India is currently negotiating a free trade agreement with the UK and the European Union, and talks with Canada on a trade agreement have been halted due to political issues.

Prior to the Italy visit, Goyal will be in Switzerland on July 14-15 for business and official meetings with Swiss counterparts, focusing on implementing the European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) and mapping out a roadmap for EFTA's USD 100 billion investment commitments.

This visit aims to elevate the bilateral economic and comprehensive partnership between India and Switzerland, fostering deeper economic ties and mutual growth.

In March, India and the EFTA signed a free trade agreement under which New Delhi received an investment commitment of USD 100 billion over 15 years from the grouping, permitting several products like Swiss watches, chocolates, and cut and polished diamonds at lower or zero duties.

The EFTA includes Iceland, Liechtenstein, Norway, and Switzerland. Under the agreement, India has the option to temporarily withdraw customs duty concessions on EFTA country goods if the bloc fails to meet its investment obligations. The deal allows for a three-year grace period for EFTA to fulfill its commitments.

The TEPA is expected to be implemented this year.

(With inputs from agencies.)