NEW DELHI: The government is pursuing a four-pillar strategy to boost India’s exports amid steep US tariffs, focusing on fast-tracking trade agreements and promoting ease of doing business, a senior official said Thursday.
Commerce Secretary Sunil Barthwal outlined that, in a period of global trade uncertainties, the ministry is concentrating on improving export competitiveness, strengthening export promotion, diversifying both products and markets, and reducing import dependence.
India has requested the UK to fast-track the Comprehensive Economic and Trade Agreement (CETA), signed on July 24, so it can come into force at the earliest. Negotiations with the European Union are also being expedited, with both sides aiming to conclude talks by year-end, Barthwal said. Meetings at negotiator, secretary, and ministerial levels are planned.
Trade talks with Oman have concluded, with the pact expected to be signed once mutually agreed dates are finalized. Discussions are also progressing with New Zealand, Peru, and Chile. Additionally, review negotiations on the India-ASEAN free trade agreement in goods are underway, focusing on enhancing trade and increasing the utilization of existing FTAs.
The strategy is particularly crucial following the US imposing additional tariffs on Indian goods, including a 25% duty since August 7 and another 25% effective August 27, bringing total duties to 50%. Sectors such as chemicals, leather, footwear, gems and jewellery, and textiles have expressed concern over these measures.
Barthwal emphasized that the government aims to maintain a clear strategy to strengthen export promotion schemes, broaden import sources, and reduce reliance on a few countries. FTAs will be leveraged to their fullest, and efforts are underway to facilitate their utilization.
The ministry is now targeting exports to 50 countries—including Malaysia, Indonesia, Mexico, Italy, Belgium, Nigeria, Oman, and Poland—which represent over 90% of India’s export basket. Enhanced export promotion activities will be concentrated in these nations.
On US tariffs, the ministry is consulting with stakeholders and export promotion councils to assess sectoral exposure. States are also exploring ways to support exporters. Additionally, discussions on trading in domestic currencies are expected during a high-level visit to Russia involving officials from the Ministry of External Affairs and the commerce ministry.
