Industry is encouraged by Commerce and Industry Minister Piyush Goyal to enhance efforts in exploring new markets, enhancing quality, and boosting competitiveness to leverage trade agreements effectively. Goyal emphasized the importance of seizing opportunities presented by Free Trade Agreements (FTAs) with developed nations to drive job creation and increase exports of goods and services. The government’s focus on FTAs aims to benefit various sectors including farmers, workers, professionals, artisans, and MSMEs by providing preferential access to global markets.
Goyal, in a meeting with 35 Export Promotion Councils (EPCs) and industry associations, highlighted the significance of the FTAs signed by the Prime Minister Narendra Modi government with developed countries. These agreements are designed to facilitate the global expansion of India’s traditional medicines and yoga while safeguarding the interests of the agriculture and dairy sectors. The minister emphasized that India’s historical prowess in international trade will be further accelerated through these agreements, aligning with the vision of ‘Vikas bhi, Virasat bhi’.
Industry representatives expressed gratitude towards the government for its leadership in finalizing recent trade agreements with the United Kingdom, European Union, and the US. They particularly welcomed the removal of the additional 25 per cent tariff on Indian imports to the US, a move that is expected to enhance market access and competitiveness for Indian exporters. The US, being a key export destination for India, stands to benefit significantly from this tariff relief, providing stability and opportunities for Indian exporters to thrive.
Discussions also highlighted the advancements under the Export Promotion Mission (EPM), a flagship initiative supporting exporters. Industry stakeholders commended the interventions introduced under the Mission, such as improved access to trade finance through Interest Subvention Support for export credit loans, Collateral Guarantee for Export Credit extended to MSMEs, and targeted market access support.
