The government said on Sunday that the commerce department is being revamped to achieve the $2 trillion export target by 2027. The commerce and industry ministry said in a statement that 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 investigation outcomes, have been 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, following a meeting chaired by commerce and industry minister Piyush Goyal on the issue. The ‘Trade Remedies Review Committee’ would include the Ministry of Commerce and Industry, Ministry of Finance and line ministries for transparency in investigation 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.
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, it added. Besides, a stronger active role for missions in trade promotion for market intelligence, 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-enforced 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.