Piyush Goyal Urges Exporters to Adopt a Long-Term Perspective on India-US Trade
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Synopsis
Union Minister Piyush Goyal emphasized the importance of a long-term perspective on India-US trade during a meeting with Export Promotion Councils, discussing opportunities and government support amidst evolving global trade challenges.
Key Takeaways
- Piyush Goyal held a meeting with Export Promotion Councils.
- Focus on long-term trade relations with the US.
- Record exports exceeding $820 billion in fiscal 2024-25.
- Resilience of exporters amidst global challenges.
- Government commitment to support the export sector.
New Delhi, April 9 (NationPress) Union Minister of Commerce and Industry, Piyush Goyal, convened a meeting on Wednesday with representatives from the Export Promotion Councils and various industry bodies to discuss the evolving trade landscape. The aim was to assess the implications and prospects stemming from the rapidly changing trade dynamics and to inform the industry about governmental measures being implemented.
“I had a highly productive dialogue with stakeholders from diverse Export Promotion Councils and Industry Associations. Our discussions were centered around informing stakeholders about the ongoing negotiations with the US aimed at establishing a mutually beneficial multi-sectoral Bilateral Trade Agreement (BTA),” stated Goyal.
“I encouraged them to adopt a long-term perspective regarding India-US trade and economic relations while making their commercial choices. I assured them that the government is committed to fostering a supportive environment that will help them effectively navigate the recent shifts in the global trade landscape,” he added.
The Minister commended exporters and the industry for achieving record exports exceeding $820 billion in the fiscal year 2024-25, marking an impressive growth of nearly 6 percent compared to the previous fiscal year.
Despite facing numerous challenges, such as the Red Sea crisis, the Israel-Hamas conflict affecting the Gulf region, the ongoing Russia-Ukraine conflict, and sluggish growth in certain developed markets, the Minister praised exporters for their determination and efforts.
During the meeting, Goyal updated exporters on the discussions with the US regarding a mutually advantageous multi-sectoral Bilateral Trade Agreement (BTA).
He reassured exporters that the government is dedicated to creating a favorable environment to assist them in successfully navigating the recent alterations in the global trade context.
Various Export Promotion Councils, representing a broad spectrum of sectors, shared their perspectives and forecasts concerning the emerging challenges in global trade, urging the government to undertake proactive measures to bolster the export industry during these trying times.
