Piyush Goyal plans for Commerce Ministry to get $2 trn exports by 2027
- IBEF
- February 21, 2022
According to a Ministry statement issued on Sunday, the Department of Commerce is set to undergo transformative changes in order to become a 'future ready', with scaling up, strengthening, and infusion of 'new age' capabilities leading to an ecosystem capable of achieving US$ 2 trillion in exports by 2027.
A review exercise by Commerce and Mr. Piyush Goyal Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles has called for revamping of the Department of Commerce, fortification, and consistent strengthening of trade and investment promotion bodies including the Directorate General of Foreign Trade (DGFT).
A dedicated 'trade promotion body' to drive overall promotion strategy, export targets, and execution is proposed in a project study on the creation of a 'future ready' Department of Commerce. Missions are expected to play a more active role in trade promotion, generating market intelligence leads and doing localised research. It is planned to strengthen negotiations by forming multi-skilled negotiation teams and separating bilateral and WTO negotiations.
It has also been suggested that a 'trade remedies review committee' comprised of the Ministry of Commerce and Industry, the Ministry of Finance, and line ministries be established to ensure transparency in the findings of investigations.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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