Union Commerce Minister Piyush Goyal has called for collaboration among the governments of G7 nations to establish a regulatory framework that promotes the smooth movement of supply chains and facilitates cross-border trade. Goyal made this appeal during his participation in the G7 Trade Ministers’ Meeting in Osaka, Japan.
The G7 is a political forum comprising Canada, France, Germany, Italy, Japan, the UK, and the US. The European Union is also included as a “non-enumerated member.” Goyal stressed the importance of enhancing supply chain resilience, noting that the COVID-19 pandemic and geopolitical developments have exposed vulnerabilities in existing supply chains, leading to increased commodity prices and global inflation.
To address these challenges, Goyal emphasized the need for public-private partnerships, investment in critical infrastructure, and the innovation and digitalization of supply chains. He also highlighted the importance of diversifying supply chains and skilling and re-skilling personnel. Goyal referenced the Generic Framework for Mapping of Global Value Chains (GVCs) mentioned in the New Delhi Declaration of the G20.
The meeting saw the participation of representatives from governments, private sectors, and international organizations such as the OECD and WTO. Many private sector entities shared their positive experiences in developing resilient supply chains.
One noteworthy presentation was given by Suzuki, which shared its success in India, focusing on the development of a reliable and trusted vendor base and achieving over 95% indigenization in its supply chains.
ERIA, a research institute, also highlighted a study indicating India’s growing share in global value chains. Additionally, ministers from Australia, Chile, Indonesia, and Kenya offered their suggestions and interventions on this topic.
During bilateral engagements, Goyal held meetings with various ministers, including Japan’s Minister of Economy, Trade and Industry Nishimura Yasutoshi, UK’s Secretary of State for Business and Trade Kemi Badenoch, Australia’s Minister for Trade and Tourism Don Farrell, Ambassador United States Trade Representative Katherine Tai, and Germany’s Secretary of State for Economic Affairs and Climate Action, Udo Phillip.
Goyal discussed crucial issues such as enhancing bilateral trade, removing non-tariff barriers, providing updates on ongoing FTA negotiations, and the upcoming ministerial conference on WTO. He also met with the Director General of WTO, Ngozi Okonjo-Iweala, and Chairman of Mitsui, Japan and Japan-India Business Cooperation Committee Tatsuo Yasunagawa (JIBCC).
It is worth noting that the G7 represents more than half of global network wealth, 30-43% of global GDP, and 10% of the world’s population. India was among the select countries invited to participate in the G7 Trade Ministers’ Meeting in Osaka.
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