Piyush Goyal pushes India Inc to back exporters, opens talks with 50 nations to diversify markets
Piyush Goyal said India is engaging with 50 nations and fast-tracking trade deals to open new markets for exporters affected by US tariffs while easing domestic sales channels. Highlights from an exclusive interview with Network18's Rahul Joshi.
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India is intensifying efforts to shield its exporters from the fallout of US tariffs, with the government opening trade talks across at least 50 countries to diversify markets, Commerce and Industry Minister Piyush Goyal said in an exclusive interview with Network18's Managing Director and Group Editor-in-Chief, Rahul Joshi.
“Our Missions are working in 50 countries which we have identified through data analytics and artificial intelligence on the data of import and export of all other nations to identify where our products can be offered,” Goyal said in an exclusive conversation with Network18. “Besides, we are also identifying what we can buy from these countries, as they too might be in similar stress.”
The outreach comes as Indian exporters, particularly in textiles and garments, face mounting challenges abroad. Goyal said the government has asked large domestic conglomerates to purchase goods from local exporters and distribute them at more competitive prices. “We recognise the sectors which could be facing stress and hence, we are trying to make connects for them,” he said. “For example, when we recognised that the garments industry could face some stress, I called up the Tatas who run the Zudio and the Westside stores.”
The government is also seeking to ease rules to help exporters sell more easily in India itself. “I am going to be talking to all other high street malls or retail large scale outlets to see if they can help garment exporters by buying their products and making it available at affordable prices,” he said. “We are trying to make it easier so that they can supply to the domestic market, it is one of the reforms we are working on.”
International trade partnerships remain central to the government’s strategy. Goyal said he met with Thani bin Ahmed Al Zeyoudi, the United Arab Emirates’ Minister of Foreign Trade, last week to expand access for Indian textiles into Gulf and African markets. A high-level task force on investments is scheduled to convene in the U.A.E. later this month, with a large Indian business delegation in attendance.
The ministry is also preparing delegations of seafood exporters to visit Singapore and the U.A.E. to tap new buyers. Goyal said Singapore’s Prime Minister, Lawrence Wong, committed during his visit to New Delhi on Wednesday to increasing imports of chicken, eggs and poultry from India.
At the same time, India is accelerating negotiations on free trade agreements across multiple regions. “We are doing a second tranche in Australia. We will soon announce the closure of our FTA with Oman. New Zealand will also close by the end of the year,” Goyal said. Talks with the European Union are advancing, with the bloc’s trade commissioner, Maroš Šefčovič, expected in New Delhi this month for negotiations.
“We have the four nation EFTA which comes into effect as early as October 1. U.K. has been executed. We also have Chile and Peru and Eurasia terms of reference have been finalised,” he said. “In first week of October I am in Qatar to finalise the terms of reference for a trade agreement with them. Similarly, Latin America also has huge potential for our products.”
