Union Minister of Commerce and Industry, Piyush Goyal urged the countries participating in G7 trade ministers meeting to collaborate on a regulatory framework to ease the movement of supply chains and facilitate cross border trade. He participated in the G7 Trade Ministers Meeting in Osaka, Japan today.
Goyal made an important intervention on the topic of Enhancing Supply Chain Resilience and gave several suggestions on the issue. He mentioned that the Covid 19 pandemic and the geo-political events highlighted the vulnerabilities of the existing supply chains leading to increase in commodity prices and global inflation.
In the meeting, he highlighted the need for supply chain diversification and skilling and re-skilling of the personnel. He urged the governments to collaborate on a regulatory framework to ease the movement of supply chains and facilitate cross border trade. He also recalled the Generic Framework for Mapping of GVCs mentioned in the New Delhi Declaration of the G20.
Goyal had bilateral engagements with several Ministers. He met Nishimura Yasutoshi, Minister of Economy, Trade & Industry, Japan, Kemi Badenoch, Secretary of State for Business & Trade, UK, Don Farrell, Minister for Trade and Tourism, Australia, Katherine Tai, Ambassador, United States Trade Representative, Udo Phillip, Secretary of State, Federal Ministry for Economic Affairs & Climate Action, Germany.
G7 is an intergovernmental forum comprising seven important countries of the world. G7 accounts for over half of global network wealth, 30-43% of global GDP and 10% of world’s population. India is amongst the select countries that have been invited by G7 in this meeting of trade ministers in Osaka.