Piyush Goyal to meet exporters on June 30 amid global tensions
Commerce and industry minister
Piyush Goyal
will meet exporters and industry representatives on June 30 to discuss issues related to India's goods and services exports amid the tensions in West Asia and New Delhi's ongoing trade pact talks with the developed countries.
Last month, India's goods exports declined by 2.17% year-on-year to $38.73 billion, breaking a two-month streak of growth, while the trade deficit narrowed to $21.88 billion. The government is targeting $900 billion in goods and services exports in the current fiscal year FY26.
"The meeting is a regular stock-taking one," said an official.
It comes at a time when Indian trade negotiators are visiting Washington for the next round of talks for an interim trade deal with the US ahead of the July 9 deadline, when the 90-day reciprocal-tariff pause period ends.
Recently, officials were in London to finalise the India-UK free trade agreement (FTA), which was announced last month and is expected to be signed soon. Separately, talks are also on to conclude the India-EU FTA by the end of this year.
As per an industry representative, the geopolitical situation has improved over the last few days, aiding predictability in shipping routes for Indian goods via the Strait of Hormuz. The Strait carries
Nearly 25% of global oil shipments, about two-thirds of India's crude oil and half of its LNG imports pass through the Strait of Hormuz, which remains open for now.
Escalation of tensions in West Asia could impact India's trade. An official had said earlier that the government is keeping an eye on insurance rates and freight costs amid the uncertainties.
India's trade with the West Asian countries is worth more than $100 billion and the country is heavily dependent on energy imports from the Gulf region. In this backdrop, the ceasefire between Iran and Israel has brought some relief to New Delhi.
Textile protection
Goyal has assured industry bodies that the government will protect the interests of the textiles and apparel sector in the proposed trade agreement with the US.
The minister met textile industry representatives in the wake of recent reports suggesting that reciprocal tariffs of up to 26% may be imposed after the July 9 deadline, which could have a significant impact on India's textile and apparel exports to the US.
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