Commerce Minister Piyush Goyal Discusses FTA with EU and UK Counterparts at G7

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Commerce and Industry Minister Piyush Goyal engaged in significant discussions regarding deeper economic ties and potential free trade agreements (FTAs) with his counterparts from the European Union (EU) and the United Kingdom (UK) during the G7 Trade Ministers meeting in Italy, according to a statement from the commerce ministry. 

High-Level Bilateral Meetings 

“The meeting served as a pivotal platform for discussions on enhancing global trade relations and economic cooperation,” the ministry stated. “Goyal engaged in several high-level bilateral meetings with his international counterparts, reflecting India’s commitment to fostering stronger economic partnerships globally,” it added. 

Over the two-day event in Reggio Calabria, Italy, Goyal met with several key figures, including 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 and Climate Action.  These meetings underscored India’s proactive stance in engaging with global economies to boost trade and economic cooperation. 

Key Initiatives Discussed 

Goyal discussed several initiatives with his counterparts, including the G20 Generic Framework for Mapping Global Value Chains (GVCs), the Indo-Pacific Economic Framework (IPEF) association, the trilateral Supply Chain Resilience Initiative (SCRI), and the India-European Union Trade and Technology Council (TTC). 

The talks also covered India’s strategic initiatives with partners such as the US, GCC countries, and the EU. This includes the India-Middle East-Europe Economic Corridor (IMEC), aimed at strengthening supply chains, and domestic measures to improve multimodal connectivity. 

Progress on Free-Trade Agreements 

India and the 27-nation EU have concluded eight rounds of discussions on a proposed free trade agreement, with further talks anticipated in September. Key issues raised by India include the EU’s ‘carbon tax’ and the relaxation of the EU’s pesticide residue limits in agricultural goods. Meanwhile, the proposed India-UK free trade agreement is nearing completion and could be signed as early as October. 

“The minister proposed collaboration among trusted partners to reinforce global supply chains in critical areas such as critical minerals, semiconductors, pharmaceuticals, and green energy,” the commerce ministry stated. 

“He emphasised public-private partnerships, investments in critical infrastructure, innovation, and consistent regulatory frameworks across G7 countries and partner nations,” the ministry added.