India’s Commerce and Industry Minister Piyush Goyal actively engaged in discussions on deeper economic ties and free trade agreements (FTAs) with his counterparts from the European Union (EU) and the United Kingdom (UK) on the sidelines of the G7 Trade Ministers meeting in Italy on Wednesday. The commerce ministry highlighted the meeting’s significance as a platform for strengthening global trade relations and economic cooperation. Goyal’s involvement in numerous high-level bilateral meetings underscored India’s commitment to fostering robust economic partnerships globally.
During the two-day event in Reggio Calabria, Italy, Goyal held discussions with prominent figures including 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. This series of meetings served as a testament to India’s proactive approach to engaging with global economies, fostering trade, and promoting economic cooperation.
Beyond bilateral discussions, Goyal engaged with his counterparts on various initiatives aimed at global economic cooperation. These 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 to strengthen supply chains through strategic partnerships with the US, GCC countries, and the EU, including the India-Middle East-Europe Economic Corridor (IMEC), were also discussed. The ministry also emphasized India’s domestic measures to enhance multimodal connectivity.
Regarding the progress of free-trade talks, India and the 27-nation EU have completed eight rounds of discussions on a proposed free trade agreement, with further talks anticipated in September. Previously, India raised concerns regarding the EU’s ‘carbon tax’ and sought relaxation of the EU’s rules on maximum pesticide residue allowed in agricultural goods. Meanwhile, the proposed India-UK free-trade agreement is nearing completion, with a potential signing as early as October.
Goyal emphasized the importance of collaboration among trusted partners to reinforce global supply chains in critical areas such as critical minerals, semiconductors, pharmaceuticals, and green energy. He advocated for public-private partnerships, investments in critical infrastructure, innovation, and consistent regulatory frameworks across G7 countries and partner nations. The minister underscored the need for resilient supply chains that ensure longevity beyond the current generation.
