Amid an escalating trade war between the US and China, commerce and industry minister Piyush Goyal will brainstorm with senior government officials and representatives of various trade promotion councils on Thursday to firm up a strategy to boost exports.
The minister will chair a joint meeting of the Board of Trade and the Council of Trade Development and Promotion. The export growth remained subdued at an average of just 3.2% in the past six months through April, while the trade war has threatened to jeopardise global growth, potentially impacting India’s trade prospects as well. Even the chances of higher dumping from China, especially steel, can’t be ruled out, as Chinese mills will dump excess supplies elsewhere.
The US will also withdraw duty benefits on annual Indian exports of around $5.6 billion under its Generalised System of Preferences programme from Thursday. Secretaries of commerce, revenue, shipping, road transport and highways and civil aviation will attend Thursday’s meeting.