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India, G7 will discuss supply chain resilience at Osaka trade ministers’ meet

BusinessIndia, G7 will discuss supply chain resilience at Osaka trade ministers’ meet

Against the backdrop of a successful G20 summit under its presidency, which has put India’s role as a trusted partner in building an efficient and trusted global supply chain in the spotlight, the G7 Trade Ministers’ Meeting in Osaka, Japan from 28-29 October will see Commerce Minister Piyush Goyal articulating New Delhi’s views and position on ‘enhancing supply chain resilience’ and “promoting trade and sustainability- environment, development and digital, including prospects for WTO MC13” – themes for the G7 meet.
India is one of the select group of countries, which includes Australia, Chile, Indonesia and Kenya, to be invited by Japan, the current G7 Chair, to participate in the outreach programme to be held on 28 October. Goyal will also have bilateral meetings with a few G7 countries, invitee countries and a few international organisations such as the WTO, on the sidelines of the outreach programmes.
The Commerce Minister’s visit to Japan follows his participation in the 7th Future Investment Initiative (24-25 October) in Riyadh, Saudi Arabia, a key G20 ally for India, and an official state visit by Crown Prince Mohammed bin Salman to India on the sidelines of the G20 summit. The Minister had a series of engagements with KSA Energy Minister Abdul Aziz Bin Salman Al-Saud, Commerce Minister Majid bin Abdullah AlKassabi and Investment Minister Khalid A. Al Falih. With a growing volume of trade between the two countries which reached an all-time high of USD 52.75 billion in FY 2022-23, India and Saudi Arabia are looking at expansion of investment across diverse sectors to foster economic growth and further enhance strategic partnership between the two countries.
A strategic aspect of the partnership is the India-Saudi Arabia Strategic Partnership Council (SPC) established in 2019 to enhance the relationship between the two countries. India is the fourth country with which Riyadh has formed such a partnership, after the UK, France, and China. The recent India-Saudi Investment Forum in the Capital which brought together policy makers, business leaders and innovators from both countries, has also given an impetus to the bilateral ties with the signing of over 50 Memoranda of Understanding (MoUs) and agreements. These landmark deals covered an MoU in energy between Al Jomaih Energy and Water and Avaada Energy in collaboration for EPC and co-development of solar, wind, hybrid and battery energy storage solutions projects in the Middle East.
Another agreement covers setting up of Petromin Express service centres in HPCL-operated fuel stations throughout India, between Petromin and HPCL. The Ministry of Investment of Saudi Arabia is in the process of opening a country office in India to streamline the process for Indian companies to invest in Saudi Arabia, while the establishment of an agreement between both nations is underway to build a bridge for venture capital and funding for startups.

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