Goyal to hold meetings with G7 trade ministers in Italy next week
Goyal will also engage in bilateral meetings with the trade ministers of G7 countries and other participating nations in the outreach session, reinforcing India’s commitment to global trade and investment partnerships, the Commerce and Industry Ministry said
Union Commerce and Industry Minister Piyush Goyal will hold bilateral meetings at Reggio Calabria, a coastal city in southern Italy, next week with his counterparts from G7 countries and discuss ways to boost trade and investments, an official statement said on July 13.
The Group of Seven (G7) industrialised nations are Canada, France, Germany, Italy, Japan, the U.K., and the U.S.
These meetings aim to explore new avenues for trade and investment, resolve bilateral trade issues, and deepen economic cooperation, it said.
Mr. Goyal will hold these deliberations on the sidelines of the outreach session of the G7 Trade Ministers’ Meeting (July 16-17) in Italy. “During this visit, Goyal will also engage in bilateral meetings with the trade ministers of G7 countries and other participating nations in the outreach session, reinforcing India’s commitment to global trade and investment partnerships,” the Commerce and Industry Ministry said. It added that India would showcase the immense trade and investment opportunities that it offers.
In the outreach session, the Minister will highlight India's vision for global trade and supply chain resilience, reforms and initiatives undertaken by India to enhance the ease of doing business and attract foreign investments.
FTA negotiations
The visit also assumes significance as India is negotiating a free trade agreement (FTA) with the U.K. and the European Union (EU). Talks for a trade agreement between India and Canada werehalted last year due to political issues. Over half a dozen rounds of talks have been held between the countries on the trade pact so far.
Further, the Ministry said prior to his visit to Italy, Mr. Goyal will be in Switzerland on July 14-15 for business and official meetings with Swiss counterparts. “The discussions will focus on the implementation of the European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) and charting a roadmap for the investment commitments made by EFTA, amounting to $100 billion,” it said.
This visit aims to further strengthen the bilateral economic and comprehensive partnership between India and Switzerland, fostering deeper economic ties and mutual growth, it added.
On March 10, India and the EFTA signed a free trade agreement, under which New Delhi received an investment commitment of $100 billion over 15 years from the grouping while allowing several products like Swiss watches, chocolates and cut and polished diamonds at lower or zero duties. The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland.
As per the provisions of the agreement, India will have the option of temporarily withdrawing customs duty concessions on EFTA country goods under the trade agreement between the two sides, if the four-nation bloc would not fulfil its USD 100 billion investment obligations.
Though the investments have to flow in 15 years — $50 billion in the first 10 years (counted after implementation of the pact) and another $5 billion in the next five years, the trade deal also provides for a three-year grace period to the EFTA bloc to meet the obligations, according to the agreement documents. TEPA is likely to be implemented this year.
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