FCC

Piyush Goyal joins G7 Trade Ministers' meeting in Osaka

2023-10-31

In the G7 Trade Ministers Meeting held in Osaka, Japan, Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution, and Textiles, emphasised the importance of enhancing supply chain resilience. He addressed the vulnerabilities exposed by the Covid-19 pandemic and geopolitical events, leading to increased commodity prices and global inflation. Goyal stressed the need for collaboration between governments, encouraging Public-Private partnerships, investment in critical infrastructure, innovation, and digitalization of supply chains.

During the session, Goyal suggested diversification of supply chains, along with skilling and re-skilling of personnel. He urged governments to work together on a regulatory framework to facilitate the movement of supply chains and cross-border trade. He also referred to the Generic Framework for Mapping of Global Value Chains outlined in the New Delhi Declaration of the G20.

Representatives from governments, private sectors, and international organizations like OECD and WTO participated in the session. Several private sector representatives shared their positive experiences in building resilient supply chains. Suzuki presented its experience in India, highlighting the establishment of a reliable vendor base and achieving over 95% indigenisation in their Indian supply chains. ERIA mentioned a study indicating India's growing share in global value chains.

In addition to Goyal, ministers from Australia, Chile, Indonesia, and Kenya made interventions, offering suggestions on the topic.