Commerce and Industry Minister Piyush Goyal discussed deeper economic ties and free trade agreements (FTA) with his counterparts from the European Union (EU) and the United Kingdom (UK) during the G7 Trade Ministers meeting in Italy on Wednesday, the commerce ministry said in a statement.
“The meeting served as a pivotal platform for discussions on enhancing global trade relations and economic cooperation,” the ministry stated. “Goyal engaged in several high-level bilateral meetings with international counterparts, reflecting India’s commitment to fostering stronger economic partnerships globally.”
During the two-day event in Reggio Calabria, Italy, Goyal met with Antonio Tajani, Italy’s Deputy Prime Minister; Valdis Dombrovskis, Executive Vice-President of the European Commission; Todd McClay, New Zealand’s Trade Minister; Jonathan Reynolds, the UK’s Secretary of State for Business and Trade; and Robert Habeck, Germany’s Federal Minister for Economic Affairs & Climate Action. According to the commerce ministry, these meetings highlighted India’s proactive approach to engaging with global economies to foster trade and economic cooperation.
Other initiatives discussed included the G20 Generic Framework for Mapping GVCs, the IPEF association, the trilateral Supply Chain Resilience Initiative (SCRI), and the India-European Union Trade and Technology Council (TTC).
India’s efforts 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 domestic measures to enhance multimodal connectivity were also addressed, the ministry added.
As it stands, India and the 27-nation EU have concluded eight rounds of talks on a proposed free trade agreement and are likely to meet for further discussions in September. India has previously raised concerns about issues such as the EU’s ‘carbon tax’ and the relaxation of the EU’s rules on the maximum pesticide residue allowed in agricultural goods. Meanwhile, the proposed India-UK free-trade agreement is nearly ready and could be signed as early as October.
“The minister proposed collaboration among trusted partners to reinforce global supply chains in critical areas such as minerals, semiconductors, pharmaceuticals, and green energy. He advocated public-private partnerships, investments in critical infrastructure, innovation, and consistent regulatory frameworks across G7 countries and partner nations,” the commerce ministry said. “He emphasised the need for resilient supply chains that endure beyond the current generation.”
