G7 Trade Ministers Meeting

On July 17th, 2024, the Union Minister of Commerce and Industry Piyush Goyal attended the G7 Trade Ministers meet at Italy.

The meeting served as a pivotal platform for discussions on enhancing global trade relations and economic cooperation.

Key Points

The minister participation in the meeting underscores country’s proactive approach in engaging with global economies to foster trade and economic cooperation.
On the Sidelines of the meeting, the Minister discussed deeper economic ties and Foreign Trade Agreements with Europeon Union and United Kingdom. He called for collaboration to reinforce global supply chains in critical minerals, semiconductors, pharma and green Energy.
The discussion between Indian Minister and Italy's Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, agreed to enhance bilateral trade and investments, industrial co-production, and cooperation in clean technologies.
Discussions with Executive Vice President of the European Commission focused on promoting India-EU trade and economic collaborations, including ongoing FTA negotiations. Both sides explored opportunities to strengthen cooperation in various areas of mutual interest.
During discussion with New Zealand's Trade Minister explored opportunities to enhance bilateral trade and investment ties for mutual growth. The discussions aimed at giving further impetus to the existing strong trade relationship between India and New Zealand.

About G7 Block

The G7 is an informal bloc of industrialized democracies—the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom (UK)—that meets annually to discuss issues such as global economic governance, international security, and, most recently, artificial intelligence (AI).
Russia belonged to the forum from 1998 through 2014, when the bloc was known as the Group of Eight (G8), but the country was suspended following its annexation of Ukraine’s Crimea region.