Government Rushes Export Promotion Amid US Tariff Crisis
In response to new US tariffs on Indian shipments, the government aims to hasten the export promotion mission. Efforts include export diversification, negotiating new trade agreements, and boosting liquidity to cushion Indian exporters. Ongoing talks with the US for a bilateral trade agreement are anticipated to resume soon.
- Country:
- India
The government is accelerating its export promotion mission to assist Indian exporters, according to a statement by a government official on Thursday. This announcement follows the US's imposition of 50% tariffs on Indian shipments, which poses a significant challenge to the nation's trade sector.
Exporters have raised concerns about liquidity, seeking government intervention to navigate the financial strain imposed by the new tariffs. In response, the government is considering various measures to address these issues, focusing on strategies such as export diversification and forging new free trade agreements.
While the promotion mission and a growing domestic market offer some relief, positive developments are crucial for sustaining India's trade trajectory in the long run. Discussions regarding a bilateral trade agreement with the US are in progress, but the schedule for the next round of negotiations remains undecided.
(With inputs from agencies.)
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