Commercial The Ministry on Thursday assured domestic exporters of sectors such as leather and textiles to protect their interests amidst the risk of American tariffs. People associated with the industry gave this information. Issues related to export were discussed during an online meeting chaired by Commerce and Industry Minister Piyush Goyal. Steel -like sectors expressed concern over the possible impact of the US tariff on exports. Commerce Secretary Sunil Barthwal and Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi also attended the meeting. One of the industry representatives involved in the meeting said that the ministry is working fast on the proposed bilateral trade agreement with the US. He said, “The ministry has assured that the interests of the country’s exporters will be protected.” The industry is advised not to be highly defensive. ”
Concern about impacting exports
This discussion is important because Goyal has recently returned from Washington after a trade talks with the US Commerce Minister. The United States has proposed to impose retaliation from April 2. It has already put these tariffs on steel and aluminum. Another representative of the industry said that the exporting community is concerned with the US warning to impose counter tariffs, as it could affect India’s exports, which is its largest trade partner. He said, “Overall, most of the sectors in the meeting mentioned possible opportunities for Indian exporters with this tariff war. We can consider imports that can be sent from China to America. ”
Export declines
The representative said that India could announce a negotiation on free trade agreement with another developed country. India’s exports declined for the third consecutive month in January and declined by 2.38 percent to $ 36.43 billion on an annual basis. While the trade deficit increased to $ 22.99 billion. Ajay Sahay, director general of the top exit of exporters, said, “We are getting good orders from the US to India, but the goods being sent due to uncertainty on the fee are of relatively low price. We are waiting for things to be clear in the fee case. ”
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