Govt sets up daily monitoring group to assess impact of West Asia tensions on India’s trade
New Delhi, March 3 (IANS) India has set up a special inter-ministerial group to closely watch the fast-changing situation in West Asia and how it will impact trade, Union Commerce Minister Piyush Goyal said on Tuesday.
The group will meet every day to monitor developments and assess how rising tensions in the region could affect India’s trade.
Exporters in the country are worried that the growing conflict in West Asia, especially after joint attacks by the United States and Israel on Iran, could disrupt trade routes and business activities. Many fear that shipping and logistics may face delays or higher costs if the situation worsens.
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.
The newly formed group includes representatives from different ministries to ensure better coordination and quicker decision-making if any issues arise, he noted.
The minister said the group held its first meeting on Tuesday. During the meeting, various ministries shared suggestions on how to reduce possible risks and safeguard India’s trade interests. The government will now work on these suggestions and continue to review the situation on a daily basis.
“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.
Goyal assured businesses that the Commerce Ministry is open to feedback from exporters and industry stakeholders. He said the government’s main aim is to ensure that the impact of the West Asia crisis on India’s trade remains minimal.
“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 noted.
–IANS
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