Commerce and Industry Minister Piyush Goyal has called for increased collaboration on a regulatory framework to facilitate cross border trade at the G7 trade ministers meeting. Goyal highlighted the impact of the Covid-19 pandemic and geopolitical events on supply chains, leading to increased commodity prices and global inflation. He emphasized the need for supply chain diversification, investment in critical infrastructure, and the digitization of supply chains. Representatives from governments, the private sector, and international organizations also participated in the meeting. The G7 comprises seven important countries that account for over half of global network wealth, 30-43% of global GDP, and 10% of the world's population.