New Delhi: The Department of Commerce, led by Union Minister Piyush Goyal, announced on Sunday that it is reorganising as part of attempts to grow exports to $2 trillion by 2027.
In order to design a future-ready Department of Commerce, the Ministry of Commerce and Industry said in a statement. A dedicated 'Trade Promotion Body' to drive overall promotion strategy, export targets, and execution; a stronger active role for missions in Trade Promotion for market intel, leads generation, and localised research; and strengthening negotiations through multi-skilled negotiation teams and separating bilateral and WTO negotiations are among the proposed changes.
Another major idea is to establish a 'Trade Remedies Review Committee,' which would comprise representatives from the Ministry of Commerce and Industry, the Ministry of Finance, and line ministries to ensure transparency in the findings of investigations. Centralization and digitization of trade facilitation processes have also been proposed, according to the government, to make compliance and scheme administration easier. The Department of Commerce has proposed reorganising its data and analytics ecosystem through centralised data management and embedded analytics capabilities.
Strengthening the Directorate General of Foreign Trade (DGFT) and other organisations and bodies that support investment and trade will also be prioritised.
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