The Board of Trade is set to address critical concerns affecting trade relations between India and the US during its upcoming meeting. Key topics include quality control mandates, expected wage increases, and the need for clear export promotion strategies, as revealed by industry insiders.
This meeting holds significance as India grapples with declining exports, attributed to stringent US tariffs, and a widening trade deficit that reached USD 41.68 billion. The Board, led by Commerce Minister Piyush Goyal, will engage with prominent officials and industry leaders to devise strategies that can bolster India’s exports.
Currency volatility also looms large, as the rupee continues its downward trajectory against the US dollar. Despite this depreciation, exports have seen minimal growth, amplifying the urgency for India to address regulatory barriers and cost inefficiencies that negate currency advantages.
(With inputs from agencies.)
