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Piyush Goyal discusses free trade agreements with UK and EU ministers at G7 meet
- The discussions underscored India's proactive approach to engaging with global economies to foster trade and economic cooperation.
Commerce and industry minister Piyush Goyal discussed deeper economic ties and free trade agreements (FTA) with his European Union (EU) and United Kingdom (UK) counterparts on the sidelines of the G7 Trade Ministers meeting in Italy on Wednesday, the commerce ministry said in a statement.
"The meeting served as a pivotal platform for discussions on enhancing global trade relations and economic cooperation," the ministry said. "… Goyal engaged in several high-level bilateral meetings with his international counterparts, reflecting India's commitment to fostering stronger economic partnerships globally," it added.
During the two-day event at Reggio Calabria in Italy, Goyal met Antonio Tajani, Italy's deputy prime minister; Valdis Dombrovskis, executive vice-president of the European Commission; Todd McClay, New Zealand's trade minister; Jonathan Reynolds, the UK's secretary of state for business and trade; and Robert Habeck, Germany's federal minister for economic affairs & climate action. The commerce ministry said this underscored India's proactive approach to engaging with global economies to foster trade and economic cooperation.
Other initiatives Goyal discussed with his counterparts included the G20 Generic Framework for Mapping GVCs, the IPEF association, the trilateral Supply Chain Resilience Initiative (SCRI), and the India-European Union Trade and Technology Council (TTC).
India’s initiatives with strategic partners such as the US, GCC countries, and the EU, including the India-Middle East-Europe Economic Corridor (IMEC) to strengthen supply chains, and domestic measures to enhance multimodal connectivity were also discussed, the ministry added.
Free-trade talks
As things stand, India and the 27-nation EU have concluded eight rounds of talks on a proposed free trade agreement and are likely to meet for further discussions in September.
India previously raised sticky issues such as the EU's ‘carbon tax’ and the relaxation of the EU's rules on the maximum pesticide residue allowed in agricultural goods. Meanwhile, the proposed India-UK free-trade agreement is nearly ready and could be signed as early as October.
Also read: Washington ready to discuss preferential trade deal with India: US Ambassador Eric Garcetti
"The minister proposed collaboration among trusted partners to reinforce global supply chains in critical areas such as critical minerals, semiconductors, pharmaceuticals, and green energy; and advocated public-private partnerships, investments in critical infrastructure, innovation, and consistent regulatory frameworks across G7 countries and partner nations," the commerce ministry said. "He emphasised the need for resilient supply chains that endure beyond the current generation," it added.
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Business NewsNewsIndiaPiyush Goyal discusses free trade agreements with UK and EU ministers at G7 meet
First Published:17 Jul 2024, 07:18 PM IST
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