look news india
New Delhi: The biggest challenge for the Ministry of Commerce and Industry under the coalition government led by Prime Minister Narendra Modi will be to restore growth in merchandise exports, which are facing external factors such as geopolitical risks and high inflation. A special action plan is expected to be prepared for this in line with the target of one trillion dollar merchandise exports by the year 2030.
The new government is likely to complete the unfinished agenda, especially the work related to signing the Free Trade Agreement (FTA) with Oman which was completed earlier this year and the agreement will be signed soon after the Cabinet approves the formation of the new government.
Although the plan was earlier to conclude talks with India and the UK in July as part of the new government's 100-day action plan, it may take longer for talks to resume as Britain is also due to hold elections in July.
While Peru is likely to continue FTA negotiations with the European Union (EU), discussions are underway to launch FTA talks with the South African Customs Union, Chile, and the Gulf Cooperation Council in the next few months.
Another priority in the first 100 days could be the launch of an e-platform- Trade Connect. This will help exporters connect with international trade stakeholders.
The new government may focus on pending amendments to the Special Economic Zone (SEZ) Act to support the creation of industrial parks with global infrastructure and attract investments in manufacturing. However, the exact timing of this depends on the priorities of the new government.
