TOKYO: Union Commerce Minister Piyush Goyal on Sunday discussed progress in India-EU Free Trade Agreement negotiations with European Commission’s Executive Vice President Valdis Dombrovskis.
“Discussed progress of the India-EU Free Trade Agreement negotiations with my friend @VDombrovskis, Executive Vice President of the European Commission,” the Union Commerce Minister wrote on ‘X’.
Piyush Goyal on Saturday participated in the G7 Trade Ministers’ Meeting in Osaka, Japan, and urged governments of G7 nations to collaborate on a regulatory framework to ease the movement of supply chains and facilitate cross-border trade.
The Group of Seven is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, UK and the US. The European Union is included as a “non-enumerated member”.
During the meeting, Goyal made an important intervention on the topic of enhancing supply chain resilience and gave several suggestions on the issue, as per a release issued by the Union Ministry of Commerce and Industry.
He mentioned that the COVID pandemic and the geo-political events highlighted the vulnerabilities of the existing supply chains leading to an increase in commodity prices and global inflation.
The minister encouraged public-private partnership, investment in critical infrastructure and the need for innovation and digitalization of supply chains. Goyal highlighted the need for supply chain diversification and skilling and re-skilling of personnel.
He also recalled the Generic Framework for Mapping of Global Value Chains (GVCs) mentioned in the New Delhi Declaration of the G20.
The session also saw participation from representatives from the governments, private sector and international organisations like OECD, WTO, etc. Most of the private sectors shared their positive experiences in developing resilient supply chains, as per the official release. Suzuki made a presentation on their experience in India. Suzuki mentioned how they developed a reliable and trusted vendor base in India and achieved over 95 per cent indigenisation in their supply chains in India.
ERIA also mentioned a study conducted by them that showed the growing share of India in global value chains. (ANI)
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