The Union Commerce and Industry Minister, Piyush Goyal, will discuss ways to increase outbound shipments with the country’s top exporters on October 29, said an official.
Having just returned from Brussels, Belgium, where Goyal was on a visit to take forward India’s proposed free trade agreement talks with the European Union bloc, the minister is said to be focusing on expanding India’s trade basket after high tariffs were imposed on its goods by the country’s largest trading partner, US.
In August this year, the US administration under its President, Donald Trump, slapped 50 per cent tariffs on Indian exports to the country. This has led to a dip in India’s exports to the US last month by about 12 per cent to USD 5.46 billion.
However, despite this drop, India’s outbound shipments rose 6.74 per cent to USD 36.38 billion in September, an industry official said on Tuesday.
Also Read: Goyal’s visit to Brussels will shape India-EU trade pact talks
“The minister will meet representatives of export promotion councils tomorrow (Wednesday),” the official said.
Meanwhile, an exporter said the industry is waiting for the proposed bilateral trade agreement between India and the US. Traders continue g to pin hopes on the two countries’ resolving issues and stabilising relations.
“We are eagerly waiting for this pact as a cut in tariffs would help increase exports,” the exporter said.
The high US import duties are especially impacting exports from labour-intensive sectors such as textiles, marine and leather.
Cumulatively, during April-September this year, exports increased 3.02 per cent to USD 220.12 billion, while imports rose 4.53 per cent to USD 375.11 billion, leaving a trade deficit of USD 154.99 billion.
Follow us
