G7 Trade Ministers’ Meeting in Osaka, Japan

  • Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal, participated
  • Made an important intervention on the topic of Enhancing Supply Chain Resilience
  • He mentioned that the Covid-19 pandemic and the geo-political events highlighted the vulnerabilities of the existing supply chains leading to an increase in commodity prices and global inflation
  • Encouraged investment in critical infrastructure and the need for innovation and digitalisation of the supply chains
  • Highlighted the need for supply chain diversification and skilling and re-skilling of the personnel
  • Urged the governments to collaborate on a regulatory framework to ease the movement of supply chains and facilitate cross-border trade
  • Recalled the Generic Framework for Mapping of GVCs mentioned in the New Delhi Declaration of the G20
  • Ministers from Australia, Chile, Indonesia and Kenya also made their interventions and shared suggestions
  • G7 is an intergovernmental forum comprising seven important countries of the world
  • G7 accounts for over half of global network wealth, 30-43% of global GDP and 10% of the world’s population
  • India is among the select countries that have been invited by G7 to this meeting of trade ministers in Osaka
  • G7 – Canada, France, Germany, Italy, Japan, UK, US (EU added later)
Posted in Current Affairs.