India-US Trade Talks: Reducing Tariffs to Boost Exports

Commerce and Industry Minister Piyush Goyal will convene with the exporters' community on Wednesday to strategize on enhancing India's outbound trade. This comes after a reported 6.74% increase in exports, reaching USD 36.38 billion in September, according to an industry representative.

This meeting is crucial as exports to India's biggest trading ally, the US, dipped 12% to USD 5.46 billion, following the imposition of a substantial 50% tariff on Indian exports since August 27.

Exporters are hopeful for a new bilateral trade agreement with the US, which they believe could alleviate high import duties affecting sectors like textiles, marine, and leather. The cumulative export growth from April to September hit 3.02% amounting to USD 220.12 billion, against a trade deficit of USD 154.99 billion.