Goyal urges exporters to tap FTAs as US tariff relief boosts confidence, competitiveness, and jobs

Union Commerce Minister Piyush Goyal on Wednesday urged Export Promotion Councils (EPCs) and industry bodies to make full use of free trade agreements (FTAs) to strengthen India’s presence in global markets. FTAs are agreements that reduce tariffs and trade barriers, giving Indian exporters easier access and better pricing in overseas markets.Speaking at a meeting with 35 EPCs and trade associations, he emphasized that Indian industry must intensify efforts to enter new markets, upgrade product quality, and enhance competitiveness.Goyal also announced that additional measures to support exporters—including trade finance, export logistics, compliance facilitation, branding, and market diversification—would be rolled out shortly.Industry representatives welcomed the government’s support and highlighted the recent removal of an additional 25% tariff on Indian exports to the United States, one of India’s largest export destinations. This tariff had previously made Indian goods less competitive compared to other countries, affecting exporters’ revenues and employment in sectors like textiles, leather, and handicrafts. They said the rollback restores competitive market access, provides stability, and boosts business confidence, safeguarding jobs in labour-intensive sectors.

Source link