Commerce Ministry To Meet Exporters Amid Tariff Uncertainties

The Commerce Ministry, including Union Minister Piyush Goyal, is set to hold discussions with export promotion councils on Thursday, according to people familiar with the matter.

The meeting comes at a critical juncture as exporters grapple with tariff uncertainties, particularly in light of the ongoing negotiations surrounding a proposed bilateral trade agreement between India and the United States.

The agenda will include concerns over potential reciprocal tariffs by the US, which could impact key export sectors, the people asking not to be identified told NDTV Profit as the developments were private. The discussions will also touch upon strategies to safeguard Indian exports and ensure competitiveness in global markets, they added.

The meeting followed a decline in merchandise exports, which fell by 2.4% to $36.43 billion in January, even as imports surged 10.3% to $59.42 billion. Early trade indicators suggest that exporters, wary of potential tariff shifts, may have held back shipments, raising the likelihood of further contraction in February trade data.

In response, the government is expediting the rollout of budget incentives aimed at bolstering export sectors. Industry leaders expect the meeting to provide clarity on policy measures and trade facilitation steps that could help mitigate uncertainties.

Goyal is also likely to head to the US again soon, in a bid to resolve any concerns of threats of imposition of reciprocal tariffs by the US.