Tag: Piyush Goyal

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Goyal Urges Resilient Supply Chains at G7 Osaka

Indian Minister Piyush Goyal said that the Covid-19 pandemic and the geopolitical events highlighted the vulnerabilities of the existing supply chains leading to an increase in commodity prices and global inflation. 

Commerce and Industry Minister Piyush Goyal emphasised the need for public-private partnership and investment in key infrastructure for enhancing supply chain resilience in the global economy at the G7 Trade Ministers Meeting in Osaka, Japan on Saturday.

Goyal said that the Covid-19 pandemic and the geopolitical events highlighted the vulnerabilities of the existing supply chains leading to an increase in commodity prices and global inflation. 

“The minister highlighted the need to encourage public-private partnership, investment in critical infrastructure and emphasis on innovation and digitalisation of the supply chains. He also stressed on the importance of supply chain diversification and skilling and re-skilling of personnel, according to an official statement.

The Indian minister urged governments to collaborate on a regulatory framework to ease the movement of supply chains and facilitate cross border trade. He also recalled the Generic Framework for Mapping of GVCs mentioned in the New Delhi Declaration of the G20.

Representatives from governments, the private sector and international organisations like OECD and WTO also participated in the session.

Most of the private sector representatives shared their positive experiences in developing resilient supply chains.

Suzuki made a presentation on their experience in India. Suzuki mentioned how they developed a reliable and trusted vendor base in India and achieved over 95 per cent indigenisation in their supply chains in the country. ERIA also mentioned a study conducted by them that showed the growing share of India in global value chains.

Ministers from Australia, Chile, Indonesia and Kenya also made their interventions and shared suggestions on this topic.

Goyal also had bilateral engagements with several ministers. He met Nishimura Yasutoshi, Minister of Economy, Trade & Industry, Japan, Kemi Badenoch, Secretary of State for Business & Trade, UK, Don Farrell, Minister for Trade and Tourism, Australia, Katherine Tai, Ambassador, United States Trade Representative, and Udo Phillip, Secretary of State, Federal Ministry for Economic Affairs & Climate Action, Germany.

Important issues like enhancing bilateral trade, removal of non-tariff barriers, update on the status of the ongoing FTA negotiations and the upcoming WTO ministerial conference were discussed during the interactions. Goyal also met Ngozi, Director General of WTO and Tatsuo Yasunagawa, Chairman, Mitsui, Japan and Japan-India Business Cooperation Committee (JIBCC), the official statement added.

G7 (Group of 7) is an intergovernmental forum comprising seven important countries of the world. The group accounts for over half of global network wealth, 30-43 per cent of global GDP and 10 per cent of world’s population. India is amongst the select countries that have been invited by G7 in this meeting of trade ministers in Osaka.

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Piyush Goyal to visit UK with focus on FTA

During the visit, the minister will engage in high-level meetings with his UK counterparts, including the Secretary of State for International Trade, as well as representatives from various sectors and industries…reports Asian Lite News

India’s Commerce and Industry Minister Piyush Goyal is set to embark on a visit to the United Kingdom from July 10-11, with the aim of assessing the progress of negotiations for a free trade agreement (FTA) between the two nations. The primary focus of the Minister’s visit will be on the ongoing FTA discussions between India and the UK.

Goyal will also engage in talks with ministers representing the member countries of the European Free Trade Association (EFTA) to review the advancement of a trade pact.

This visit assumes significance as both India and the UK are committed to strengthening their economic ties and exploring opportunities for enhanced bilateral trade.

The discussions during the visit are expected to contribute towards fostering a favorable environment for increased economic cooperation between the two countries.

“With the FTA negotiations gaining momentum, the visit aims to further propel the discussions and pave the way for a comprehensive and mutually beneficial agreement that would drive economic growth and strengthen ties between the two nations,” PTI quoted the official statement as reading.

During the visit, the minister will engage in high-level meetings with his UK counterparts, including the Secretary of State for International Trade, as well as representatives from various sectors and industries.

“These meetings will provide an opportunity to discuss the key priorities and objectives of the FTA negotiations, with a focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology, innovation, and intellectual property rights,” it said.

In addition to his visit to Switzerland, Commerce and Industry Minister Piyush Goyal will hold meetings with ministers and officials from the European Free Trade Association (EFTA) member countries, namely Switzerland, Norway, Iceland and Liechtenstein.

The objective of these meetings is to evaluate the advancements achieved thus far in the ongoing negotiations of the Trade and Economic Partnership Agreement (TEPA).

The TEPA seeks to bolster trade and economic collaboration between India and the EFTA member nations. The agreement aims to create a favorable environment that promotes higher investments, diminishes trade obstacles, and facilitates increased market access for all parties involved.

Negotiations for a trade agreement between India and the UK were launched on January 13, 2021.

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Piyush Goyal flags off G20 run in Delhi

Speaking on the occassion, Lithuania Ambassador Diana Mickeviciene appealed to the youth to run and get inspired by the life of athlete Milkha Singh…reports Asian Lite News

Union Minister Piyush Goyal along with Lithuania Ambassador to India Diana Mickeviciene on Sunday flagged off ‘Gandhi Darshan, G-20 Yuva Slum Daud’ at Amardev Public School in the national capital.

While addressing the public gathered at the event, Piyush Goyal said, “PM Modi has encouraged our children to develop the habit of playing sports. He is inculcating the culture of sports in society”. The Union Minister mentioned that the country is moving forward on the vision of Mahatma Gandhi under the leadership of Prime Minister Modi.

“Gandhiji talked about Swachhta and PM Modi spread his message and implemented the schemes related to Swachhta in the whole country. Swachhta has become part of our lives now. Now the country is moving forward on the vision of Mahatma Gandhi under the leadership and governance of Prime Minister Modi,” he said.

Goyal also took to Twitter to post,” Jo Khelega vo khilega! With this mantra today the G20 youth slum race was flagged off. Our youth are the strength of this country and are going to raise the prestige of this country in times to come”.

Speaking on the occassion, Lithuania Ambassador Diana Mickeviciene appealed to the youth to run and get inspired by the life of athlete Milkha Singh.

“Ten years ago I watched a movie, Bhag Milkha Bhag, today many Milkhas are among you. So keep running,” she said.

Delhi BJP President Virendra Sachdeva along with Bjp leader Vijay Goel also attended the event.

In this regard, Delhi BJP President Virendra Sachdeva took to Twitter to post, “Flagged off Gandhi Darshan G-20 Youth Slum Run today along with Union Minister Piyush Goyal and Vijay Goel. The objective of this run is to highlight the sporting talent of the youth of the slums of Delhi”. (ANI)

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Goyal seeks to strengthen global startup ecosystem

Piyush Goyal said innovation would be strongest pillar that would help build a developed India in Amritkaal, reports Asian Lite News

The Inception Meeting of the Startup20 Engagement Group of G20 is being held in Hyderabad.

India’s Minister for Commerce and Industry Piyush Goyal has expressed confidence that innovation would be the strongest pillar that would help build a developed India in the Amritkaal. He said that innovation had been a catalytic force for the economy and social and public good. “Innovation in today’s world goes beyond achieving mere economic objectives as it also considers societal inclusion and environment sustainability,” he said.

Minister Piyush Goyal called for the creation of an international network of mentors, investors and entrepreneurs to strengthen the global startup ecosystem. He said that this network must support and inspire startups, act as a team to facilitate the exchange of ideas, best practices and funding mechanisms and promote collaborations in research and development. He was addressing the inaugural session of the Inception Meeting of the Startup20 Engagement Group of G20 in Hyderabad on Saturday.

The Minister in a statement from the ministry of commerce and industry said that it is not just the role of individual nations to support innovation and added that it would have to be the collective responsibility of world nations to nurture a global effort to incubate startup ecosystems in all parts of the world, thus creating a global startup ecosystem that is inclusive, supportive and sustainable to address global challenges.

Union Minister Piyush Goyal speaking during the Inception Meeting of the Startup20 Engagement Group of G20.

Goyal said that India was proud to highlight the progress and potential of the global startup ecosystem as the host nation of G20. He noted that the Startup20 Group had been established under India’s G20 Presidency for the first time, as part of India’s special focus on innovation.

The Minister observed that India had begun its startup journey with the foundation stone laid by Prime Minister Narendra Modi in 2016 with the launch of the Startup India Initiative.

He said that in the last seven years, it had helped in fostering entrepreneurship and promoting newer and newer ideas, helping startups grow and flourish by creating an ecosystem that is conducive for growth. He added that the capabilities of our startups in different areas — be it energy, be it financial inclusion, where fintech played an important role, be it our fight against pandemic when remote healthcare and food delivery became very important, be in online learning which is today becoming very natural, be it our work in agri-tech, helped us face a number of challenges.

Goyal noted that the world is facing a multitude of global challenges, from climate change to poverty and inequality. He expressed his firm belief that innovation can lead the way in solving these problems. The Minister said that in the Indian startup context, our entrepreneurs are using their creativity and ingenuity to tackle these challenges head-on. He cited the examples of digital public goods like Cowin, UPI and ONDC as means to tackle problems and ensure inclusive growth in India by redefining social innovation.

The Minister said that growing participation from Tier 2 and 3 markets, that are swiftly embracing latest technology, has pushed envelope for local startups in India with new ideas to succeed. He said that through G20, India was trying to transfer expertise, so IndiaStack will be GlobalStack and transform the way people use technology, helping take technology to the common man.

He added that developing nations must transform themselves from being destinations for low-cost, outsourced software and support services, to becoming global Tech and Innovation hubs. He also highlighted that India had climbed to 40th rank in the Global Innovation Index (GII) of WIPO taking a huge leap of 41 places in seven years.

Goyal noted that India has been nurturing the innovation spirit right from the school level onwards through Atal Innovation Mission. He said that India also has an active programme for supporting startups with many nations around the world. “Some of the prime examples are the Indo-US, Indo-UK, Indo-Australia partnerships where we explore supporting deep tech startups, that contribute to circular economy, and address basic needs like health, water, agriculture, education, financial inclusion etc,” he added. (ANI)

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India to host special negotiation round for IPEF

New Delhi, Dec 10 (ANI): Union Minister of Industry and Commerce Piyush Goel addresses during a joint press conference in New Delhi on Thursday. (ANI Photo)

The minister also shared with the partner nations some of India’s specific expectations under IPEF…reports Asian Lite News

India will host the next special negotiation round on three of the four pillars of the United States-led Indo-Pacific Economic Framework (IPEF) on February 8-11 next year, the commerce and industry ministry said on Tuesday.

The three pillars are supply chain and fair economy, tax and anti corruption, and clean economy. IPEF has four pillars in all–trade, supply chain, tax and anti-corruption and clean energy.

However, during the first-ever in-person ministerial in September, India decided to join only three pillars, and opted out of the crucial trade pillar, as broad consensus had not emerged on issues pertaining to labour, environment, digital trade and public procurement. New Delhi had then decided to wait for the contours to be finalised before associating with the trade track.

As many as 14 countries are members of the IPEF that was launched jointly by the US and other partner countries of the Indo-Pacific region on the sidelines of the Quad Summit in Tokyo on May 23.

IPEF is also seen as an economic initiative to counter China’s influence in the South and Southeast Asian nations. Its partner countries represent over 40 per cent of the global economy. The first round of negotiations took place in Brisbane, Australia last week from December 10 to 15.

On Tuesday, commerce and industry minister Piyush Goyal took part in a virtual ministerial meeting on IPEF’s economic benefits. The meeting was attended by US Secretary of Commerce Gina Raimondo and representatives of other IPEF partner countries.

“He (Goyal) urged members to focus energy on early harvest of deliverables which can benefit all the members. He was happy to note that there seemed to be a consensus among members on setting up of an investment forum consisting of private and public sector stakeholders to encourage investment in the clean energy sector, during a recent round at Brisbane, Australia,” an official statement said.

The minister also shared with the partner nations some of India’s specific expectations under IPEF. He said that India can contribute towards supply chain resilience in sectors like pharmaceuticals and invited support from members in semiconductors, critical minerals and clean technologies including on innovative projects which can be promoted beyond IPEF in other developing countries.

India also spoke about the non-paper it submitted on ideas such as the mobilisation of financial resources for climate action at reasonable costs and the need for measures to counter terror financing.

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India stays out of Indo-Pacific trade pillar

Trade is one of the four pillars of this trade arrangement that was launched by US President Joe Biden in May 2022, joined by Prime Minister Narendra Modi among other leaders of the member countries, reports Yashwant Raj

India has stayed out of negotiations on trade at the first in-person ministerial meeting of 14-nation Indo-Pacific Economic Framework for Prosperity, held in Los Angeles.

Trade is one of the four pillars of this trade arrangement that was launched by US President Joe Biden in May 2022, joined by Prime Minister Narendra Modi among other leaders of the member countries. The other three are Supply Chain, Clean Economy, and Fair Economy.

India was led by Union Commerce Minister Piyush Goyal at the talks. He also held several bilateral meetings including with his US counterparts – Commerce Secretary Gina Raimondo, and US Trade Representative Katherine Tai.

India participated in discussions on the remaining three pillars and also signed on to the separate statements that were released on the negotiations. All 14 member nations signed the three statements, but only 13 signed the one on trade, with India deciding to sit it out.

No reasons were forthcoming.

“You have correctly noted that India is not now in the trade pillar,” US Trade Representative Tai said at a news conference with Commerce Secretary Raimondo in Los Angeles on Friday, at the conclusion of the discussion on Thursday. She added that she has been in regular touch with her Indian counterpart Goyal and that the two countries do and will cover the same issues – as at the IPEF – in their bilateral discussions, such as the Trade Policy Forum, which is to meet later in the year.

Raimondo said the IPEF is meant to be “flexible and inclusive”.

Trade remains a key irritant in the India-US relations, which have otherwise seen significant progress.

When pressed for specific “sticking points” behind India’s absence from trade talks, Tai, who is usually very careful with her words, couldn’t contain her frustration. “I both want to and I don’t want to, right,” she said. “Part of me wants to tell you everything that just happened. But part of me is here to build trust with our partners.”

Tai then took another shot at answering the question. “We obviously value each of the countries in this partnership and have a strong and important trading relationship with each one of them. I think that part of the challenge in bringing together a group of 14 is you’ve got 14 different points of view in that room. You’ve got 14 different ministers representing 14 different economies, who are part of 14 different bureaucracies, who come from 14 different political landscapes with stakeholders with needs and priorities. So I think that that might be the hardest part of an exercise like this.”

On the second pillar of supply chain, the 14 countries said they will “seek to coordinate actions to mitigate and prevent future supply chain disruptions and secure critical sectors and key products for our manufacturers”.

On the third pillar of clean economy, the countries said they will “seek to expand investment opportunities, spur innovation, and improve the livelihoods of citizens as the partners unlock the region’s abundant clean energy resources and substantial carbon sequestration potential”.

Piyush Goyal meets with Australian Trade Minister Don Farrell on the sidelines of IPEF meet in Los Angeles.

And on the final pillar of fair economy, they agreed to “seek to level the playing field for businesses and workers within partner countries by preventing and combatting corruption, curbing tax evasion, and enhancing transparency, recognising the importance of fairness, inclusiveness, the rule of law, accountability and transparency”.

On trade, on which India did not join in, the remaining IPEF partners said they “will seek high-standard provisions in areas that are foundational to resilient, sustainable, and inclusive economic growth, including labor, environment, digital economy, agriculture, transparency and good regulatory practices, competition, inclusivity, trade facilitation, and technical assistance and economic development”.

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Looking at GCC for CEPA: Goyal

India’s Minister for Commerce and Industry Piyush Goyal said India is embarking with the United Kingdom, Australia on free trade agreement (FTA) and hoped to look at the entire Gulf Cooperation Council (GCC) region for a Comprehensive Economic Partnership…reports Asian Lite News

“It’s a journey that we are all embarking with the United Kingdom, Canada, Israel, Australia and with the European Union. We hope to also look at the entire Gulf Cooperation Council (GCC) region for a Comprehensive Economic Partnership (CEPA),” Goyal said.

He continued, “in all of these journeys, I think UAE and India have made an excellent document, covering a wide variety of subjects can certainly help as a template and set the goal and agenda for our future engagement.”

He also noted that Prime Minister Narendra Modi-led India from the front over the CEPA signed with UAE and his vision has always been to achieve a “historic high in goods and services” between the two countries.

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“At some time in the near future, we hope to also to look at the entire GCC region for a comprehensive economic partnership,” he added.

Referring to the challenges posed by COVID, he said India has “a trusted country status”.

“The whole world trusts India today. Businesses for their timely delivery, quality of service, and despite the COVID not even for a one second did our Indian service providers let down any international commitment.” (ANI)

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GCC-INDIA TIES: Talks On For New Trade Pact

Union Minister of Railways and Commerce, Piyush Goyal (Photo: Kuntal Chakrabarty/IANS)

Outside the GCC, India is conducting FTA-related talks with the United Kingdom, Australia, and the European Union, reports Asian Lite News

India’s discussions for concluding a Free Trade Agreement (FTA) with the GCC are “progressing fast,” the Minister for Commerce, Industry, and Consumer Affairs, Piyush Goyal, said yesterday.

Addressing a large cross-section of India’s business through the platform of the Jain International Trade Organisation, Goyal specifically cited the UAE as among the countries with which his Ministry is engaged in talks towards reaching an FTA.

Outside the GCC, India is conducting FTA-related talks with the United Kingdom, Australia, and the European Union.

The pace of discussions has now gathered speed, Goyal said. Traders and exporters are the “twin pistons powering the economic growth engine of India. We firmly believe in the capabilities of the business community as well as of start-ups.”

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The FTAs will enable India to become a global “trading hub,” Goyal hoped.

The Jain International Trade Organisation is conducting a 12-day virtual expo with the participation of several thousand businesses and entrepreneurs.