Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal, attained the G7 Trade Ministers’ Meeting held in Osaka, Japan. During the meeting, Shri Goyal addressed the topic of Enhancing Supply Chain Resilience, emphasizing its importance in the current global context. He highlighted the vulnerabilities of existing supply chains that became evident during the Covid-19 pandemic and recent geo-political events, contributing to increased commodity prices and global inflation.
Shri Goyal advocated for the promotion of Public-Private partnerships, increased investment in critical infrastructure, and the imperative need for innovation and digitalization of supply chains. The Minister stressed the necessity of diversifying supply chains and focusing on the skilling and re-skilling of personnel in this sector. He urged governments to collaborate on establishing a regulatory framework that facilitates the smooth movement of supply chains and cross-border trade, referencing the Generic Framework for Mapping of Global Value Chains (GVCs) mentioned in the New Delhi Declaration of the G20.
The session involved representatives from governments, the private sector, and international organizations such as the OECD and WTO. Several private sector entities shared their experiences in developing resilient supply chains, with Suzuki presenting their achievements in India, where they have established a reliable vendor base and achieved over 95% indigenization in their supply chains. ERIA (Economic Research Institute for ASEAN and East Asia) also presented findings highlighting India’s growing role in global value chains.
Ministers from Australia, Chile, Indonesia, and Kenya also contributed to the discussions, offering suggestions and insights into this critical topic.
During the G7 Trade Ministers’ Meeting, Shri Goyal engaged in bilateral discussions with several ministers, including Mr. Nishimura Yasutoshi, Minister of Economy, Trade & Industry, Japan, Ms. Kemi Badenoch, Secretary of State for Business & Trade, UK, Mr. Don Farrell, Minister for Trade and Tourism, Australia, Ms. Katherine Tai, Ambassador, United States Trade Representative, and Mr. Udo Phillip, Secretary of State, Federal Ministry for Economic Affairs & Climate Action, Germany. These discussions revolved around enhancing bilateral trade, removing non-tariff barriers, updating the status of ongoing Free Trade Agreement (FTA) negotiations, and the upcoming ministerial conference on the World Trade Organization (WTO). Shri Goyal also met with Ms. Ngozi, Director-General of WTO, and Mr. Tatsuo Yasunagawa, Chairman of Mitsui, Japan, and Japan-India Business Cooperation Committee (JIBCC).
The G7 is an intergovernmental forum consisting of seven major world economies. Comprising over half of global network wealth, 30-43% of global GDP, and 10% of the world’s population, the G7 plays a significant role in shaping global economic policies. India was one of the select countries invited to participate in this meeting of trade ministers in Osaka, reflecting the nation’s growing prominence on the international stage.