Piyush Goyal Discusses India-EU Free Trade Agreement Progress with European Commission

Piyush Goyal Discusses India-EU Free Trade Agreement Progress with European Commission.image/X@piyushgoyal

Union Commerce Minister Piyush Goyal engaged in discussions regarding the progress of negotiations for the India-EU Free Trade Agreement with Valdis Dombrovskis, the Executive Vice President of the European Commission. The talks were aimed at advancing trade relations between India and the European Union.

Piyush Goyal’s Role at G7 Trade Ministers’ Meeting

Piyush Goyal’s participation in the G7 Trade Ministers’ Meeting in Osaka, Japan, was marked by a call for greater international cooperation to establish a regulatory framework that would enhance the efficiency of supply chains and promote cross-border trade. During the meeting, he emphasized the need for collaboration among G7 nations to ensure the resilience of global supply chains, particularly in light of the vulnerabilities exposed by the COVID-19 pandemic and geopolitical events.

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Key Highlights from the Meeting

Several significant points were raised by Minister Goyal during the meeting:

Addressing vulnerabilities in existing supply chains.Encouraging public-private partnerships.Investment in critical infrastructure.The importance of innovation and digitalization in supply chains.Supply chain diversification.Skilling and re-skilling of personnel.The meeting also revisited the Generic Framework for Mapping of Global Value Chains (GVCs) mentioned in the New Delhi Declaration of the G20. Participants included representatives from governments, the private sector, and international organizations like the OECD and WTO.

Suzuki, in its presentation, shared its experience in India, emphasizing how it developed a reliable vendor base and achieved a high level of indigenization in its supply chains. ERIA (Economic Research Institute for ASEAN and East Asia) presented a study showing India’s growing share in global value chains.

Ministers from Australia, Chile, Indonesia, and Kenya also contributed to the discussions, sharing their insights and suggestions on enhancing supply chain resilience.

Bilateral Engagements

During the G7 meeting, Piyush Goyal held bilateral engagements with several ministers and dignitaries, including those from Japan, the United Kingdom, Australia, the United States, and Germany.

Discussions encompassed a range of topics, including bilateral trade, the removal of non-tariff barriers, updates on ongoing FTA negotiations, and the forthcoming ministerial conference on the World Trade Organization (WTO).

Goyal’s participation in the G7 Trade Ministers’ Meeting underscores India’s role on the global stage, and the importance of trade relations and collaborations in shaping international economic policies.

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Goyal’s participation in the G7 Trade Ministers’ Meeting underscores India’s role on the global stage, and the importance of trade relations and collaborations in shaping international economic policies.