NEW DELHI, Jan 8: Key officials from the commerce ministry, along with representatives from the commercial wings of Indian missions in 20 countries, convened on Wednesday to discuss strategies for enhancing the export of goods and services. The three-day meeting concluded on this day.
“We examined country-specific and sector-specific trade opportunities and challenges, along with issues related to technology, investment, and tourism. Together, we sought to bolster India’s global leadership and foster greater international partnerships,” stated Commerce and Industry Minister Piyush Goyal on platform X.
The discussions addressed various topics, including opportunities and challenges in six targeted sectors for the 20 significant countries; non-tariff barriers; logistical concerns; World Trade Organization (WTO) matters; and the significance of the Market Access Initiative (MAI), according to the officials.
This meeting was crucial as the commerce ministry is devising a strategy to enhance exports in six key product categories, such as engineering goods and electronics, to prioritized nations including the US, Australia, France, China, Russia, the UK, Japan, South Korea, Singapore, and Indonesia.
These countries, notably the US and EU nations, account for a significant portion of India’s total exports.
Following double-digit growth in October 2024, India’s exports saw a decline of 4.85% year-on-year in November, totaling USD 32.11 billion.
From April to November of this fiscal year, cumulative exports rose by 2.17% to USD 284.31 billion, while imports surged by 8.35% to USD 486.73 billion.
The trade deficit, reflecting the balance between imports and exports, expanded to USD 202.42 billion from USD 170.98 billion in the same period in 2023.
Last month, Barthwal mentioned that the ministry is concentrating on 20 countries and six service and manufacturing sectors, including IT/ITeS, to further stimulate exports.
Notably, services exports reached a record high of USD 34.31 billion in October, marking a year-on-year increase of 22.3%. (PTI)
