Union Minister of Commerce and Industry Piyush Goyal met exporters in Vanijya Bhawan in New Delhi on Wednesday (April 9) between 3 pm and 5 pm.The government feels impact of reciprocal tariffs on exporters is a passing phase, and is exploring ways to increase export avenues to new geographies.
The government remains engaged with the US and several other countries for potential FTAs to increase avenues for Indian exporters.
Indian exporters raised concerns on adverse impact of reciprocal tariffs on handicraft exports. Industry said that around 40% of $700 million exports to the US last year comprised of handicrafts.Exporters claim acute financial stress due to rising pressure from overseas buyers seeking discounts due to tariff hikes. They want financial relief, grace period for consignments already shipped, in warehouses, or in transit.The exporters also want India to include handicraft HSN codes in zero-tariff list during ongoing FTA negotiations.India may proceed with a deal with the US in tranches, with the first tranche focusing on goods.India is also hopeful of concluding a trade deal with the UK within this year.The meeting was organised to discuss ways to resolve problems faced by exporters due to reciprocal tariffs imposed by US President Donald Trump.The exporters aim to mitigate the impact of reciprocal tariffs by exploring new export markets in different sectors such as gems and jewellery, electronics, textiles, and apparel, among others.The meeting was attended by senior officials of the Ministry. Representatives of Export Promotion Councils (EPCs) and the Federation of Indian Export Organisations (FIEO) was also supposed attend the discussions, as per PTI.Read more: Criticism over startup comments is politically manufactured, says GoyalEarlier on Tuesday, April 9, Goyal said that the best interests of the country will be kept in mind while deliberating and finalising the trade agreements.”India First is our mantra, is our guiding principle,” Goyal told reporters at Dubai India business forum in Mumbai.”We are covering a very wide array of subjects, a very wide array of products, and I can assure business persons across the country that we are keeping the best interests of India at the forefront of our discussions,” Goyal was quoted as saying by PTI.
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