India finalising rupee-based trade deal with several nations: Union Minister Piyush Goyal

New Delhi, Mar 14 (KNN) Union Minister for Commerce and Industry Piyush Goyal on Monday said that India is in an advanced stage of dialogue on the expansion of rupee trade with several countries.

Addressing the CII Partnership Summit in the national capital, Goyal stressed on the need to address the challenges of tariff and non-tariff barriers, which can hamper trade between countries.

The Industries minister emphasised that countries erecting non-tariff barriers tempt others to follow suit, which can create an unfavourable environment for international trade. He urged countries to stop this practice and work towards a more liberalised and open trading system.

Speaking about India’s exports target for this year, the commerce minister pointed out that India’s goods and services exports are set to cross USD 750 billion mark in the current fiscal. Last year the total exports grew to USD 676 billion.

Goyal highlighted that India today offers many competitive advantages over other competing economies and we are focusing more on high quality of goods as well as leveraging economies of scale, particularly given the large domestic market that we offer to businesses and investors who come and work in India and to our friends in their economic engagement with India.

India's merchandise exports during April-January this fiscal have increased to USD 369.25 billion as against USD 340.28 billion in the same period last year. Services exports during the 10-months period are estimated at USD 272 billion.  (KNN Bureau)