G7 trade ministers' meet: Union min Goyal discusses FTA with UK, EU

Commerce and Industry Minister Piyush Goyal discussed developments related to the free trade agreement (FTA) with the Executive Vice President of the European Commission (EU) and the United Kingdom (UK) Secretary of State for Business and Trade, the Department of Commerce said in a statement on Wednesday.

Goyal was attending the G7 Trade Ministers' meeting in Italy to discuss ways to enhance global trade relations and economic cooperation. The bilateral meeting took place on the sidelines of the meet.

Discussions with the European Commission focused on promoting India-EU trade and economic collaborations, including ongoing FTA negotiations. “Both sides explored opportunities to strengthen cooperation in various areas of mutual interest,” the statement said.

The ninth round of negotiations for the proposed FTA between India and the European Union (EU) is expected to take place in September.

Goyal also met the newly appointed United Kingdom (UK) Secretary of State for Business and Trade, where discussions included plans to take forward the discussions on the FTA between both nations.

Goyal also called for enhancing collaborations among trusted partner countries for the smooth supply of critical minerals, semiconductors, pharmaceuticals, and green energy.

He also highlighted the importance of analysing the robustness of global supply chains in times of crisis like the pandemic, the Ukraine-Russia conflict, and the Red Sea crisis.

Goyal said that efforts are on in various countries to build resilient supply chains under platforms like the G20 Generic Framework for Mapping Global Value Chains (GVCs), the 14-member Indo-Pacific Economic Framework for Prosperity (IPEF) association, the Trilateral Supply Chain Resilience Initiative (SCRI), and the India-EU Trade and Technology Council (TTC).

He also said that during global uncertainties there is a need for greater alignment of investment, trade, environment, and energy policies to fortify global supply chains.