Today: 2 August 2025
21 February 2022
2 mins read

India, US in talks to boost economic ties

Goyal said that both countries are working on many things to further boost economic ties….reports Asian Lite News

India’s Commerce and Industry Minister Piyush Goyal on Monday said that New Delhi and Washington are in dialogue to look at ways, beyond a free trade agreement, to promote economic ties by providing better market access and enhanced engagement on investments, media reported.

Goyal said that both countries are working on many things to further boost economic ties.

“The US has taken a decision not to do any other new free trade agreement (FTA). Now that is the call the US has taken, it’s not about whether they want to do a deal with India, they have taken a call at the macro level,” Goyal was quoted as saying.

“However my counterpart and I are in dialogue to see how at least we can look at other ways beyond an FTA, better market access, more engagement on investments, and maybe identify products where we could support each other,” he said while addressing the 19th Annual Harvard India Conference.

Revamping of Commerce ministry

The Department of Commerce is set to undergo transformative changes towards evolving into a ‘future ready’ establishment of the Government with scaling up, strengthening, and infusion of ‘new age’ capabilities leading to an ecosystem which can achieve USD 2 trillion exports by 2027, according to a Ministry statement on Sunday.

A review exercise by Piyush Goyal 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). With several emerging opportunities owing to shifts in global trade dynamics like rapid growth of services and disruptive potential of climate change, the Ministry has felt the need to proactively develop exports, build India’s brand in global trade and undertake constant monitoring of exports in ensuring the achievement of targets on time.

The revamping of the Commerce Department is also aimed at further building on its strategic direction and aspirations for the next decade and moving from inherent traditional roles to new roles by re-engineering the operation model with enhanced ‘new-age’ capabilities. In line with this, the revamped Department will have a more coherent trade promotion strategy with clear targets and execution accountabilities.

There will be a strengthened negotiation ecosystem with the right expertise and robust end-to-end processes with clearly defined focus areas and institutions. An optimal mix of talent with specialists and generalists sourced from across private and government sectors to create an agile setup responsive to market opportunities and exporter needs via interlinkages across bodies is in the works.

A concerted push to strengthen brand India and re-enforce trade priorities is also one of the priorities of stakeholders in the review meeting which includes Secretary of the Department of Commerce BVR Subrahmanyam, CEO of NITI Aayog Amitabh Kant, Additional Secretary Rachna Shah, Director-General of DGFT Santosh Kumar Sarangi and other officials. (with inputs from ANI)

ALSO READ: Coal, Korba and climate, a case study for India’s energy transition

Previous Story

Iran welcomes expanding ties with Central Asian nations: Raisi

Next Story

Canada police secure, clean-up capital after three-week protest

Latest from -Top News

IBPC Dubai charts new growth path

Former Tata Motors CEO Ravi Kant headlines exclusive event as Indian business council sets course for transformation….reports Asian Lite News The Indian Business & Professional Council (IBPC) Dubai has signalled a significant

Miles in the Malls!

Dubai Mallathon kicks off today – The emirate’s biggest malls transform into indoor fitness arenas, inviting residents to walk, run, and win — all while staying cool, healthy, and community-connected….reports Asian Lite

Famine grips Gaza, WHO warns

WHO said Gaza’s population is facing acute food insecurity under the Integrated Food Security Phase Classification…reports Asian Lite News The World Health Organisation (WHO) has issued its starkest warning yet about the

Lifeline from UAE to Gaza

UAE’s Operation Chivalrous Knight 3 sustains Gaza’s collapsing health system with hospitals, treatment, aid, and vaccines, offering vital relief to thousands amid deepening crisis….reports Asian Lite News The United Arab Emirates has

Modi, MBZ talk big ties

The call reaffirmed their keenness to “strengthen relations in line with their shared vision to leverage opportunities and deepen strategic cooperation.”…reports Asian Lite News In a significant diplomatic engagement, Prime Minister Narendra
Go toTop

Don't Miss

PM holds bilaterals Kuwait Crown Prince, Nepal PM

The PM discussed India-Kuwait historical linkages and people-to-people contacts with

Israeli PM lauds Ties With India

“We can turn our great partnership into a powerhouse of