The government on Sunday said that the commerce department is being revamped to achieve the $2 trillion exports target by 2027.
As per a statement issued by the commerce and industry ministry, a strengthened negotiation ecosystem and a dedicated ‘Trade Promotion Body’ to drive overall promotion strategy, export targets and execution besides an inter-ministerial Trade Remedies Review Committee for transparency in investigations outcomes are proposed to be set up.
The suggestions are part of a project that was undertaken to design a future-ready Department of Commerce.
“Separation between bilateral and World Trade Organization negotiations has been envisioned,” the ministry said after commerce and industry minister Piyush Goyal chaired a meeting on the issue.
The ‘Trade Remedies Review Committee’ would be setup including Ministry of Commerce and Industry, Ministry of Finance and line ministries for transparency in investigations outcomes.
Goyal called for the consistent strengthening of the Directorate General of Foreign Trade and other organizations and bodies that promote investment and trade, according to the statement.
“The revamped department (is) to have a more coherent trade promotion strategy with clear targets and execution accountabilities,” the ministry said, adding that there will be a strengthened negotiation ecosystem with right expertise and robust end-to-end processes with clearly defined focus areas and institutions, and enhanced ‘new-age’ capabilities to move from inherent traditional roles to new roles.
Besides, a stronger active role for missions in trade promotion for market intel, leads generation and localized research has been envisaged.
There will also be synergized branding for India across all domains highlighting clear priority areas.
“A concerted push to strengthen Brand India and re-enforces trade priorities is in the works,” it said.
Rehauling data and analytics ecosystem via centralized data management and embedded analytics capabilities in the department could also be done.
Source : Economic Times
