February 21, 2022
A new negotiation ecosystem, a trade promotion body, and an inter-ministerial Trade Remedies Review Committee has been proposed
The Trade Remedies Review Committee would include the Ministry of Commerce and Industry, Ministry of Finance, and line ministries for transparency
The Directorate General of Foreign Trade and organizations that promote investment will also be a focus area
The project plans to create a brand for India highlighting clear priority areas by changing the data ecosystem
The government stated that the commerce department is being overhauled to achieve the US$ 2 trillion export target by 2027. The commerce and industry ministry said that a reinforced negotiation ecosystem, a trade promotion body to drive overall export strategy and execution, and an inter-ministerial Trade Remedies Review Committee for transparency in investigations, have been proposed to be set up.
The recommendations are part of a project that aims to create a future-ready Department of Commerce. The Trade Remedies Review Committee would include the Ministry of Commerce and Industry, Ministry of Finance, and line ministries for transparency in investigations. In addition, the Directorate General of Foreign Trade and other organizations that promote investment will also be a focus area to ensure a more coherent trade promotion strategy with clear targets and execution accountabilities.
The aim of this revamp is to strengthen the negotiation ecosystem with proper expertise and strong end-to-end processes that have clearly defined focus areas and cutting-edge capabilities. In addition, a stronger active role for missions in trade promotion for market intelligence, lead generation, and localized research will also be investigated.
Also, the project plans to create a synergized branding for India across all domains highlighting clear priority areas by changing the data ecosystem through centralized data management and embedded analytics resources.