Piyush Goyal Advocates Global Economic Cooperation at G7 Trade Ministers' Meeting in Italy

Union Minister of Commerce and Industry, Piyush Goyal, attended the G7 Trade Ministers' meeting at the scenic Villa San Giovanni in Reggio Calabria, Italy. During the event, he engaged in significant bilateral discussions to elevate India’s global economic partnerships, the Ministry of Commerce and Industry announced.

Goyal and Italy's Deputy Prime Minister, Antonio Tajani, agreed to boost bilateral trade, industrial co-production, and clean technologies collaboration. Goyal praised Tajani for orchestrating a successful meeting. Discussions with Valdis Dombrovskis, Executive Vice President of the European Commission, centered on enhancing India-EU trade, including ongoing FTA talks.

Talks with New Zealand's Trade Minister, Todd McClay, focused on strengthening bilateral trade and investment. Goyal also congratulated UK Secretary of State Jonathan Reynolds on his new role and discussed the India-UK Free Trade Agreement. Conversations with Germany’s Dr. Robert Habeck emphasized growing Indo-German economic ties.

Goyal thanked Antonio Tajani for the invitation and stressed the importance of robust supply chains during crises, referencing events like Covid-19 and the Ukraine-Russia conflict. He highlighted efforts to build resilient supply chains through the G20 Generic Framework, IPEF, SCRI, and the India-EU Trade and Technology Council.

The minister called for collaboration to reinforce supply chains in sectors like semiconductors, pharmaceuticals, and green energy. He advocated for public-private partnerships and consistent regulatory frameworks. Goyal addressed the impact of Covid, conflicts, and climate change, introducing the concept of '3 Fs' – fragmented, fragile, and fraught with uncertainties – urging stronger policy alignment globally.

(With inputs from agencies.)