Piyush Goyal urges G7 members to enhance collaboration on regulatory framework to facilitate cross border trade
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Commerce and Industry Minister Piyush Goyal has urged the countries participating in the G7 trade ministers meeting to enhance collaboration on a regulatory framework to facilitate cross border trade. The Group of Seven (G7) trade ministers meeting was held in Osaka, Japan.
The minister said that under its G7 presidency this year, Japan has invited India, along with a few other invitee countries (Australia, Chile, Indonesia, and Kenya) to participate in the outreach programme held on October 28. In the meeting, he urged the governments to collaborate on a regulatory framework to ease the movement of supply chains and facilitate cross border trade.
Goyal said the Covid-19 pandemic and geopolitical events have highlighted the vulnerabilities of the existing supply chains leading to increase in commodity prices and global inflation. The Russia-Ukraine war, conflict between Israel and Hamas and global economic uncertainties are impacting flow of goods across the world. India's exports have also been impacted due to these reasons. He encouraged public-private partnership, investment in critical infrastructure and the need for innovation and digitalisation of supply chains. He highlighted the need for supply chain diversification and skilling and re-skilling of the personnel.
