NEW DELHI: Commerce and industry minister Piyush Goyal on Wednesday told exporters “not to panic” and assured them India is working on the “right mix and right balance” towards its proposed bilateral trade agreement (BTA) with the United States.
Goyal made the remarks during a meeting called by the commerce ministry with the export promotion councils and industry bodies in view of the emerging trade scenario due to the imposition of high tariffs by US President Donald Trump, according to an official statement.
Trump has imposed an additional 26 per cent duty on India, which came into effect on Wednesday. He announced the tariffs on multiple countries, including India, on April 2, calling it “Liberation Day.”
“The minister (Goyal) assured that the country is working in a proactive manner and exploring solutions which are in the best interest of the nation. The team working on BTA is exploring the right mix and the right balance and he exhorted the exporters to not panic and look at the silver lining in the present scenario,” the statement read.
During the meeting, Goyal also emphasized different countries are approaching the tariff imposition in different ways. China, for example, has imposed reciprocal tariffs, resulting in a tariff war with the US.
“However, as far as India is concerned, there is a potential for increase in manufacturing, creation of additional jobs because it can attract big players in global supply chain as India has been able to establish itself as a trusted and reliable partner and with a predictable business friendly destination,” the statement quoted Goyal as saying.
The meeting was called to deliberate on the impact as well as opportunities arising out of the current situation, and to apprise the industry and trade about the steps being taken by the Centre.
India and the United States are negotiating the trade agreement to more than double their bilateral trade to $500 billion by 2030 from the present numbers of around $191 billion. The first phase is targeted for completion by September or October.