Govt working on export strategy to limit fallout of protectionism, says MoS Commerce Jitin Prasada

"The government is thinking ahead as to what bumps and speed breakers and challenges might arise, and India is formulating strategies accordingly to ensure that interests of our exporters and especially the Indian citizens are protected”, Prasada said.

Centre is formulating strategies to protect Indian exports to deal with possible challenges arising due to protectionist trade policy of certain countries, said Jitin Prasada, Union Minister of State of Commerce & Industry.

"The government is thinking ahead as to what bumps and speed breakers and the challenges that might arise and India is formulating strategies accordingly to ensure that interests of our exporters and, especially, the Indian citizens are protected," Prasada said during an event in New Delhi on February 18.

Concerns around Indian exports have intensified of late with the United States (US) increasing levies on several countries along with its plans to introduce reciprocal tariffs. This has also led to the possibility of certain nations going for retaliatory measures with China already implementing such steps against certain American goods.

"We are navigating FTAs (foreign trade agreements) on an equal footing. We not only have the numbers which people used to talk about. We have an aspirational spending power population. So, we will get the best in the interest of India and in the interest of our exporters. We will not buckle under any pressure anymore. We will not settle for anything less," Prasada added.

On February 13, India and US agreed on a new goal for bilateral trade – "Mission 500” – aiming to more than double total bilateral trade to $500 billion by 2030. In a bid to achieve this target the two sides also announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025.

India is already negotiating a slew of trade deals with countries and blocs, including the United Kingdom, Oman and the European Union.

FTAs help lower trade restrictions between the signatory countries, offering greater market access through removal or reduction of import taxes or duties.