Goyal calls on US, GCC, and EU ministers to strengthen global supply chains
Commerce and Industry Minister Piyush Goyal has held several high-level bilateral meetings with his international counterparts, reflecting India’s commitment to fostering stronger economic partnerships globally commerce .
He met the ministers after G7 Trade Ministers’ meeting held at Villa San Giovanni, Reggio Calabria, Italy, on 17 July g7italy . The meeting served as a pivotal platform for discussions on enhancing global trade relations and economic cooperation.
During the bilateral meetings, Goyal and Antonio Tajani, Italy’s Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation esteri , agreed to enhance bilateral trade and investments, industrial co-production, and cooperation in clean technologies.
Minister Goyal congratulated Tajani for hosting a productive G7 Trade Ministers’ meeting.
Discussions with Valdis Dombrovskis, Executive Vice President of the European Commission ec.europa.eu focused on promoting India-EU trade and economic collaborations, including ongoing FTA negotiations.
Both sides explored opportunities to strengthen cooperation in various areas of mutual interest, Commerce and Industry Ministry said fieo .
With New Zealand’s Trade Minister, Todd McClay, Goyal explored opportunities to enhance bilateral trade and investment ties for mutual growth mfat.govt.nz/en . The discussions aimed at giving further impetus to the existing strong trade relationship between India and New Zealand.
Goyal and Jonathan Reynolds, thew newly appointed UK Secretary of State for Business and Trade, discussed deepening bilateral economic relations. The conversation included plans to take forward the discussions on Free Trade Agreement (FTA) between India and the UK uktradeinfo. He also congratulated Reynolds on being appointed Secretary for Business and Trade.
The Commerce Minister’s Goyal and Dr. Robert Habeck, Federal Minister for Economic Affairs & Climate Action, Germany, discussed opportunities to elevate the growing Indo-German trade and economic partnership bmwk.de . The discussions focused on the upcoming Inter-Governmental Consultations and the Asia-Pacific Conference of German Businesses in Delhi.
These bilateral engagements are expected to pave the way for significant advancements in India’s trade relations sbi with key international partners, said the ministry.
Goyal’s participation in the G7 Trade Ministers’ meeting underscores India’s proactive approach in engaging with global economies to foster trade and economic cooperation ibef , it added.
During this session, Goyal highlighted the importance of analyzing global supply chains’ robustness in times of crisis, referencing the Covid-19 pandemic, Ukraine-Russia conflict and Red Sea crisis.
He emphasized the efforts of various countries to build resilient supply chains under platforms like the G20 Generic Framework for Mapping GVCs, the 14 Member IPEF association, Trilateral Supply Chain Resilience Initiative (SCRI), and India-EU TTC.
He 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, and highlighted India’s domestic measures to enhance multimodal connectivity for a seamless supply chain integrated with markets, distribution systems, and logistics asien-pazifik-ausschuss.de/.
The minister proposed collaboration among trusted partners to reinforce global supply chains in critical areas such as critical minerals, semiconductors, pharmaceuticals, and green energy; and advocated public-private partnerships, investments in critical infrastructure, innovation, and consistent regulatory frameworks across G7 countries and partner nations deutsche-boerse.
He addressed the impact of the 3 Cs – Covid, Conflicts, and Climate change – on global value chains, emphasizing the necessity for robust partnerships and cooperation nse.
He also 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 bse.
He emphasized the need for resilient supply chains that endure beyond the current generation. Fiinews.com
