Piyush Goyal Urges The G7 Countries To Collaborate On A Framework for Cross Border Trade

Union Minister Piyush Goyal has urged the Governments of the G7 countries to conceptualize a framework that would ease the movement of supply chains and enable cross-border trade between the nations with ease. According to a release from the Union Ministry of Commerce and Industry, Goyal made a significant contribution to the discussion of improving supply chain resilience during the conference and offered various recommendations on the subject. He said that the COVID outbreak and the geopolitical events exposed the weaknesses in the current supply networks, which raised the price of commodities and caused inflation throughout the world.

The minister emphasized the importance of innovation and supply chain digitalization, as well as public-private partnerships and investments in vital infrastructure. Goyal also highlighted the importance of staff skill development, reskilling as well as supply chain diversification. Additionally, he brought up the Generic Framework for Mapping of Global Value Chains (GVCs), which was referenced in the G20's New Delhi Declaration. Improving the supply chain between the G7 countries will greatly benefit organizations in India by enabling them to trade with ease.

Piyush Goyal was also invited to various bilateral talks with the nations participating in the G7 summit and he addressed a number of significant topics during these meetings such as expanding bilateral trade, removing non-tariff trade obstacles, providing an update on the progress of the current free trade agreement negotiations, and the impending WTO ministerial session.