Piyush Goyal discusses UK, EU trade pacts at G7 meeting

New Delhi: Commerce and industry minister Piyush Goyal discussed India’s free trade agreements (FTA) with the EU and UK with his counterparts on the sidelines of the G7 trade ministers meeting in Italy, commerce and industry ministry said in a statement Wednesday.

He also discussed 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.

His discussions with Valdis Dombrovskis, Executive Vice President of 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 ministry said.

The eighth round of talks on the proposed India-EU FTA was held from June 24-28 in Brussels and discussions were held on all 21 chapter. The next round is likely in September end.

With Jonathan Reynolds, UK Secretary of State for Business and Trade, Goyal discussed deepening bilateral economic relations. The conversation included plans to take forward the discussions on FTA between India and the UK. Before elections in the two countries, they were close to closing various pending issues under the FTA.

The minister also had bilateral meetings with ministers from Italy, Germany and New Zealand.

He highlighted the importance of analyzing global supply chains’ robustness in times of crisis, referencing the Covid-19 pandemic, Ukraine-Russia conflict, and Red Sea crisis and the need for resilient supply chains that endure beyond the current generation.

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, according to the statement.