India's Export Strategies Amid Steep US Tariffs: BoT Meeting Highlights

The Board of Trade meeting, led by Commerce and Industry Minister Piyush Goyal, aims to devise strategies to enhance India's exports following the US's high tariffs. With exports to the US declining, the meeting is crucial to discussing policies and the potential India-US trade agreement's first phase.

The Board of Trade (BoT), chaired by Commerce and Industry Minister Piyush Goyal, is set to convene on Tuesday to deliberate on strategies for boosting India's exports in response to steep US tariffs, confirmed an official source. The gathering will feature representatives from various states, Union territories, and senior officials from both public and private sectors.

The meeting assumes significance as India's exports to the US have suffered a decline for two consecutive months, falling by 8.58% in October due to Washington's hefty tariffs. This has contributed to a trade deficit spike to USD 41.68 billion, with gold imports markedly on the rise.

Efforts to mitigate global trade uncertainties have seen the Indian government approve an export promotion mission with a funding outlay of Rs 25,060 crore. Meanwhile, India and the US are negotiating a bilateral trade agreement, expecting to announce its first phase shortly, intending to address these tariff issues.

(With inputs from agencies.)