India and New Zealand Forge New Trade Path Amid Global Uncertainties
Commerce and Industry Minister Piyush Goyal will meet with industry leaders to strategize boosting exports amid challenges like the US-Israel conflict. This follows the India-New Zealand free trade agreement signing. The Middle East's export decline is significant, reflecting wider trade tensions affecting Indian economic outlook.
Amidst global trade uncertainties, Commerce and Industry Minister Piyush Goyal is set to meet with export promotion councils and industry associations on Monday to explore strategies for boosting India's outbound shipments. This crucial meeting follows the signing of a new free trade agreement between India and New Zealand at Bharat Mandapam.
The gathering comes in the wake of significant discussions with exporters in Agra, attended by New Zealand's Minister for Trade and Investment, Todd McClay. Industries represented included leather, footwear, pharma, and sports goods. However, the backdrop of these developments includes substantial challenges posed by geopolitical tensions.
Indian exports have been significantly impacted by the US-Israel conflict with Iran, making shipping to the Middle East difficult. March saw a 7.44% drop in merchandise exports, with West Asia shipments down by over 50%. The trade deficit narrowed to USD 20.67 billion, aided by dipping imports, showing a broader economic impact of ongoing international tensions.
(With inputs from agencies.)
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