Union Commerce Minister Piyush Goyal on Tuesday announced the formation of a special inter-ministerial group to closely watch the fast-changing situation in West Asia and how it will impact trade.
The group is set to meet every day to monitor developments and assess how the the conflict in the Middle East could affect India’s trade.
The decision comes amid concerns among the exporters in the country that the conflict in the Middle East following US-Israeli attack on Iran could disrupt trade routes and business activities.
Addressing a post-Budget webinar, Goyal said the government is keeping a close eye on possible risks to shipping, logistics, exports and even critical imports.
Representatives from different ministries will be part of the group. They have tasked with ensuring better coordination and quicker decision-making if any issues arise.
“Today, a consultation meeting was held with all stakeholder Ministries, key logistics and trade facilitation partners to review the emerging geopolitical situation and its potential impact on India’s exports and imports,” Goyal said.
He assured businesses that the Commerce Ministry is open to feedback from exporters and industry stakeholders.
“Government under PM Narendra Modi’s leadership remains firmly committed to enabling a stable and responsive trade environment for our traders and exporters, safeguarding their interests and ensuring seamless operations,” Goyal added.