Goyal allays industry concern on US trade tariffs
India is on the path to cross US$800 billion in exports this year with the major share of Services, says Commerce and Industry Minister Piyush Goyal, urging merchandise exporters to remain ahead of the curve and increase their shipments to global markets https://www.commerce.gov.in/.
Additional increase in exports in the last fortnight will usher in the confidence of the exporters to try and aspire to cross US$900 billion shipment of goods to the global markets in the coming year https://fieo.org/.
Allaying the concerns of the industry with regard to the US, the Minister has called on the Export Promotion Councils (EPCs) to reflect on their strengths and share their demands and interests with the Government for better engagement with Washington where President Donald Trump is reviewing his country’s global trade dealings with higher tariffs.
The Minister has reminded the EPCs and Export Industry that the budget has provided for Export Promotion Mission particularly focusing on new products, new markets and new exporters, and urged the industry to come forward with suggestions to effectively shape the schemes to achieve the desired goal.
During his address to the EPCs and Industry Associations on 13 Mar, Goyal has complimented the positivity amongst the exporter community and their optimism to convert this crisis that the world is facing today into an opportunity https://www.bseindia.com/.
Reflecting on the changing global scenario, the Minister has assured, all the EPCs that Government is working on overtime basis and will leave no stone unturned to ensure a good future for Indian exporters, both merchandise and service and to protect the interest of the country https://www.nseindia.com/.
On the ongoing efforts on bilateral agreements, the Minister has stated that the Government is concurrently acting on several tracks and each one of those tracks is aimed at ensuring best interest of the Indian Exporters.
Indicating that the Government has reached final stages in Free Trade Agreements (FTAs) with few in particular, the Minister was positive that it will lead to much better opportunities for Indian exporters and will also bring in higher investment.
Goyal was optimistic that the stakeholder consultations and engagements with EPCs and the industry will result in mutually beneficial arrangements for a glorious future for Indian Exports and to expand India’s footprint in newer and bigger markets.
Reflecting on the reciprocal tariffs, he has cautioned the EPCs to come out of their protectionist mindset and encouraged them to be bold and ready to deal with the world from a position of strength and self-confidence. Fiinews.com
