New Delhi: Commerce and Industry Minister Piyush Goyal Thursday said the government is preparing a fresh set of measures to help Indian exporters navigate disruptions in global trade caused by the ongoing conflict in West Asia.
He indicated that several decisions are currently under consideration across ministries and are likely to be announced soon.
Addressing concerns over the impact of the conflict, Goyal said the war has adversely affected the global economy and trade flows, particularly due to the loss of lives and destruction of property. He also highlighted the challenges in the free movement of goods through open seas, expressing hope that the situation would stabilise quickly.
Despite these global headwinds, the minister asserted that India has remained resilient, especially in terms of food and energy security
“The country continues to be pretty much insulated and strong, with adequate availability of key energy supplies,” he noted.
“Consumers are receiving uninterrupted LPG supplies, while industrial LNG availability has been restored to around 80 per cent, with several sectors already receiving full supplies,” he explained.
Goyal further emphasised that there is no shortage of petroleum products in the country, with refineries operating at full capacity.
“India has sufficient crude oil stocks, along with steady incoming shipments of crude, LPG, and LNG to ensure future supply stability,” he added.
On trade relations, the minister underscored India’s strong and growing partnership with the United States. He said India is actively seeking preferential market access for its products in the US, describing bilateral ties as “very robust” across sectors such as technology, defence, trade, and investment.
He also claimed that India’s interim trade arrangement with the US compares favourably with those of competing Southeast Asian nations.
Providing an update on ongoing trade negotiations, Goyal said India is close to finalising multiple agreements. The proposed trade deal with New Zealand is expected to be signed by April, while the agreement with Oman could come into effect from May 1.
The pact with the United Kingdom is likely to be implemented within the next 30 to 40 days. Additionally, discussions with the Southern African Customs Union and Canada are expected to commence in the coming months.
