Government to set up ‘trade promotion body’ to promote trade: Piyush Goyal

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Piyush Goyal said at a media briefing: “We are in the process of redesigning the structure of the Ministry of Commerce and one of the ideas ahead is to set up a ‘Trade Facilitation Body’, similar to ‘Invest India’. It is a facilitating unit that will promote India’s trade for India.”

As part of the restructuring, a special trade facilitation body would be established to work out an overall strategy to achieve goals and prepare for the future,” Goyal had previously said.

In response to a question about when the ‘Trade Promotion Body’ – which is intended to guide the overall promotion strategy, export targets and execution – could come into effect, Goyal said: “We have just received the reports that the new form of the Ministry of Commerce, we will now go through the process of studying the report in detail and then come up with the overall plan.”

The Union minister said there were a number of suggestions on some of the roles the government could play to connect ideas and entrepreneurs from here with potential partners or stakeholders in India.

“We have two initiatives, ‘Invest India’ and ‘Startup India Team’, which support startups in India and connect with investors both in India and abroad,” he said.

The Union minister said the partnership between the Indian diaspora and India will really help accelerate India’s journey to a developed country. “It’s great to see the energy that our diaspora has on the west coast, they want to contribute to the development of India,” he added.

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According to a previous statement from the Department of Commerce, the Department of Commerce will undergo transformative changes to evolve into a ‘future-proof’ establishment of government with scaling, strengthening and infusing ‘new age’ capabilities leading to an ecosystem that will grow by 2030. can reach $2 trillion in exports.

He said the focus will be on strengthening negotiating capacity at the World Trade Organization (WTO) and on bilateral free trade agreements; centralization and digitization of trade facilitation processes and redesign of the data analytics ecosystem.

“Indian trade and commerce will not only be a strong element in India’s progress towards prosperity, to become a developed nation in the Amrit Kaal, but also play an extremely important role in meeting the needs of the whole world,” he added.

Goyal had said in the release of “The Department of Commerce Restructuring Dossier” that his ministry is preparing for greater multilateral and bilateral cooperation with other countries and that the aim is to increase India’s share of global exports and create jobs. .

Goyal said the restructuring of the entire trade department is aimed at preparing India to become a major global player in world trade.

He went on to say that the restructuring rests on 5 key pillars: increasing India’s share of world trade, taking on the leadership role in multilateral organizations, democratizing trade, creating 100 Indian brands as global champions. and setting up economic zones in India to boost production. base and attract more investment to India.

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In February this year, Trade and Industry Minister Piyush Goyal called for the renewal of the Ministry of Commerce, strengthening and consistently strengthening trade and investment promotion agencies, including the Directorate-General for Foreign Trade (DGFT).

With several emerging opportunities due to shifts in global trade dynamics such as rapid growth of services and disruptive potential of climate change, the ministry felt the need to proactively develop exports, build India’s brand in global trade and continuously improve exports. to monitor the achievement of the goals on time.

Earlier, Piyush Goyal said the restructuring is a giant undertaking, targeting ‘Aatmanirbhar Bharat’ and a trade division of Aatmanirbhar. The 14 parts of the report define the role of each section within the department and record expected results and key performance indicators. These guides would enable all relevant stakeholders to understand their role in the revamped department and help the organization perform effectively, he added.

The minister said the focus on exports is one of the most defining features of the government’s efforts to make India a developed country by 2047, a vision Prime Minister Shri Narendra Modi expressed in his Independence Day speech to the nation this year. . He stressed that Indian trade and commerce will not only be a strong element in India’s progress towards prosperity, to become a developed nation when we turn 100 in 2047, but also play an extremely important role in meeting the needs of worldwide.

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Goyal said we aim to achieve $2 trillion in exports by 2030. This will make us the top countries in world trade and change the way the world sees us. Shri Goyal went on to say that Prime Minister Modi has been leading the way and boosting the entire export ecosystem. It is thanks to PM’s constant guidance and guidance that we have not only met but exceeded the export targets, he emphasized. The Prime Minister has urged all missions around the world to focus on 3 Ts: Trade, Technology and Tourism. These are now an integral part of the tasks of all missions, he added.

Goyal noted that some of the ideas that have emerged from the restructuring exercise include a dedicated Trade Promotion Body to drive promotion strategy formulation and execution, the digitization of trade facilitation processes, the redesign of the data and analytics ecosystem and capacity building of Indian Trade Service to boost specialization and institutional memory.

*With input from agencies

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