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Goyal-led trade delegation was on a visit to the US from September 22-24
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Signs of easing tensions have emerged, with both New Delhi and Washington reaffirming their ‘natural partnership’ and commitment to continued trade and energy collaboration
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Commerce minister Piyush Goyal is visiting US to meet his counterparts after President Donald Trump imposed 50% tariffs on Indian exports last month
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The exercise will help assess existing logistics infrastructure, identify gaps, and provide a roadmap for improving efficiency and reducing costs, the Commerce and Industry Ministry said.
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The delegation plans to take forward discussions with a view to achieve early conclusion of a mutually beneficial trade agreement, it said.
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Oman is India’s third-largest export destination within the GCC. India already has a trade deal with another GCC member - the United Arab Emirates (UAE).
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India and the UAE are also aiming to double the bilateral trade in non-oil, non-precious metal categories to $100 billion over the next 3-4 years.
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India and the European Union are maximising efforts to finalise the proposed trade deal by 2025-end, said Maroš Šefčovič, EU's Commissioner for Trade and Economic Security.
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The new GST rates on vehicles will become effective from September 22, the first day of the nine-day Navaratri festival.
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The minister said India wants to work with countries where both parties can have 'a win-win deal' and not a one-sided agreement
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The minister said the industry did not realise that the steel firms will be at the mercy of foreign companies if they don’t buy from Indian met coke suppliers
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India is seeking some flexibility in the EU's Carbon Border Adjustment Mechanism (CBAM) which comes into effect from January 1 next year. Meanwhile, it is also mulling a domestic carbon tax to offset CBAM and retain revenue within the country.
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Commerce Minister also said that the decision to reduce rates under the GST regime had nothing to do with any other nation or upcoming state elections.
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The commerce minister said that the Centre is working towards making it easier for exporters in domestic markets.
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Read the full transcript of Union minister Piyush Goyal's interview with Network18
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Piyush Goyal on Thursday said the government expects tax revenues to rise, not fall, following the rationalisation of GST rates, as higher demand will offset any rate cuts.
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Expressing optimism, Piyush Goyal said India was 'poised for a very bright future' with rising consumption, economic resilience and reforms pushing growth momentum.
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Goyal slammed the Congress leader and said,"We have seen that over the years. He sees ghosts where there are none. He cannot appreciate that the people of India has seen significant improvement in their lives".
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We will soon be mounting delegations of Indian seafood exporters to Singapore and the UAE. Besides, Latin America and the Gulf region have huge potential for our products, Union minister for commerce and industry Piyush Goyal said.
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Indian exporters have rushed their US-bound shipments ahead of the August 27 tariff deadline when tariffs doubled. Exports to America have risen around 22 percent on-year till July in the current fiscal, which is higher than the trend growth rate of 17-18 percent.
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Speaking in an interview to Network18 Group Editor-in-Chief Rahul Joshi, Goyal said that the market recognizes that a decisive and strong leader like Prime Minister Modi will always keep national interests ahead of everything else.
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“The idea is clear, reduce paperwork and compliance burden so businesses can focus on business, and citizens can live easier lives,” he added.
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More investments will lead to more jobs in manufacturing and services, Goyal said, adding that services PMI hit a 15-year high in August
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India and the US 'will continue to be friends and engage, describing the partnership as multidimensional', said Goyal
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The discussion gains further weight as it unfolds amid ongoing tariff turmoil, with Goyal laying out the government’s vision on trade, growth and reform.
