Commerce and Industry Minister Piyush Goyal revealed that the government is devising new measures to assist Indian exporters in managing the challenges arising from the ongoing conflict in West Asia. Various decisions are currently being deliberated across ministries and are expected to be disclosed soon.
Goyal expressed concerns about the adverse effects of the conflict on the global economy and trade flows, attributing them to casualties and property damage. He highlighted the obstacles in the smooth movement of goods via open seas but remained optimistic about a swift resolution to the situation.
Despite the global challenges, Goyal affirmed India’s resilience, particularly in terms of food and energy security. He reassured that the country remains robust, with ample availability of essential energy resources.
The minister emphasized the uninterrupted supply of LPG to consumers and the restoration of industrial LNG availability to 80%, with many sectors receiving full supplies. He also confirmed the absence of shortages in petroleum products, with refineries operating at full capacity.
Goyal underscored India’s strong partnership with the United States, emphasizing efforts to secure preferential market access for Indian products in the US. He described the bilateral relations as solid, spanning technology, defense, trade, and investment sectors.
Providing an update on trade negotiations, Goyal mentioned nearing the finalization of multiple agreements. Anticipated agreements include a trade deal with New Zealand by April, an agreement with Oman effective from May 1, and the implementation of a pact with the United Kingdom within the next 30 to 40 days. Discussions with the Southern African Customs Union and Canada are set to begin in the coming months.
