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Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Shri Piyush Goyal played a pivotal role in the G7 Trade Ministers Meeting held in Osaka, Japan, significantly contributing to discussions on fortifying global supply chains in light of present vulnerabilities and challenges.
Shri Goyal’s intervention at the meeting delved into the pressing issue of Enhancing Supply Chain Resilience, addressing the critical repercussions and vulnerabilities brought to light by the COVID-19 pandemic and global geopolitical shifts. He emphasized that these challenges have led to an increase in commodity prices and global inflation, necessitating robust measures to fortify supply chains.
The Minister underscored several key strategies during his intervention, advocating for public-private partnerships, increased investment in critical infrastructure, and the imperative need for innovation and digitalization within supply chains. He emphasized the importance of diversification and highlighted the significance of skilling and re-skilling personnel to adapt to changing demands.
Shri Goyal urged governments to collaborate on formulating a comprehensive regulatory framework that eases the movement of supply chains and facilitates cross-border trade, building upon the Generic Framework for Mapping Global Value Chains as mentioned in the New Delhi Declaration of the G20.
The session witnessed active participation from various representatives encompassing governments, private sectors, and international organizations such as OECD and WTO. Notable private sector entities, including Suzuki, shared their successful experiences in developing resilient supply chains, showcasing Suzuki’s achievement of over 95% indigenization in their supply chains in India.
During the meeting, Shri Goyal engaged in bilateral discussions with several Ministers and key figures, addressing issues crucial to enhancing bilateral trade, the removal of non-tariff barriers, and providing updates on ongoing Free Trade Agreement (FTA) negotiations and the upcoming ministerial conference on the World Trade Organization (WTO).
G7, a forum comprising seven significant global economies, including India as an invited participant, represents a substantial share of the world’s wealth, GDP, and population. Piyush Goyal’s contributions and engagements during this meeting underlined India’s proactive stance and the country’s role in steering global trade discussions toward a more resilient and collaborative future.
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