India's Export Strategy Amid US Tariff Threats: A New Era of Reciprocity

The commerce ministry, led by Piyush Goyal, assured Indian exporters of safeguarding their interests amid US tariff threats. Discussions focused on potential impacts on labor-intensive sectors and opportunities from the tariff war. Despite declining exports, new trade agreements with developed countries are being explored.

The Indian commerce ministry has pledged support to domestic exporters facing potential US tariff hikes. Piyush Goyal, the Commerce and Industry Minister, held a crucial virtual meeting addressing the concerns, particularly from labor-intensive sectors like leather and textiles.

Industry leaders, including Commerce Secretary Sunil Barthwal and DGFT Santosh Kumar Sarangi, participated in the discussions as various sectors voiced concerns over the impact of US tariffs on exports. Goyal, fresh from trade talks in Washington, emphasized the government's efforts to safeguard export interests while encouraging the industry to embrace new trade dynamics under reciprocity.

With US proposals for reciprocal tariffs looming, Indian exporters are seeking clarity. The apparel sector suggested a 'zero for zero' tariff approach with the US to boost exports. Meanwhile, discussions also highlighted the need to counteract potential Chinese market competition and expedite approvals to enhance export capabilities.

(With inputs from agencies.)