The new Delhi, April 9 (PTI) in the middle of the ongoing global tariff war, the Minister of Trade and Industry Piyush Goyal asked the exporters on Wednesday not to panic and assure them that India was working on the “right mix and correct balance” in his proposed business agreement.
He also said that the Indian team was working with “speed”, but not in “disproportionate rush” to ensure the right result for the country.
Both countries are negotiating a bilateral trade agreement (BTA) with the aim of more than two -sided trade to $ 500 billion by 2023 from the present day of about $ 191 billion. This year the aim is trying to close the first phase in the autumn (September-October).
Goyal made notes during a meeting called the Ministry called Council for Export and Industrial Authorities, with regard to the emerging scenario for storing high tariffs in the US. America imposed another 26 % obligation in India that came into force on Wednesday.
During the meeting, the Minister also informed the exporter of discussions with the US about the mutually beneficial BTA.
“The Minister assured that the country is working actively and examines solutions that are in the best interest of the nation. The BTA team examines the right mix and the right balance and encourages exporters to avoid and look at the silver lining in the current scenario,” the official statement said.
Goyal noted that different countries are approaching the tariff in a different way.
“As far as India is concerned, there is a potential for increasing production, creating other jobs because it can attract large players in a global supply chain because India has established itself as a trustworthy and reliable partner AS predictable to business,” he said.
The meeting was invited to deal with the impact and opportunities arising from developing and dynamic scenarios AC approval of industry and trade with the steps taken by the government.
