Piyush Goyal Meets Board of Trade, Export Push & US Tariff Rollback May Take Spotlight

Commerce and Industry Minister Piyush Goyal is meeting the Board of Trade (BoT), the apex advisory body on trade policy, as the government assesses the impact of the US reciprocal tariffs on Indian exports. The meeting, underway after more than a year, is expected to focus on export competitiveness, reducing compliance burdens, and leveraging new free trade agreements for market diversification, reports said.

The BoT meeting is bringing together senior officials and industry experts from the Centre and states to outline responses to rising global trade headwinds, according to people familiar with the matter. Representatives from the commerce and finance ministries, the Reserve Bank of India, export bodies, and industry chambers are expected to attend, Business Standard reported.

Export Promotion Mission in Focus

According to the Global Trade and Research Initiative (GTRI), the government must immediately roll out specific schemes under the Export Promotion Mission (EPM). The mission, announced in the Union Budget and approved on November 12, still lacks operational schemes and clear guidelines.

“Old programmes such as the Market Access Initiative and the Interest Equalisation Scheme have made no payouts this year, leaving exporters without support at a time of global stress,” the report noted. GTRI warned that the mission may fall short of its objectives unless the government quickly issues scheme guidelines, restores predictable disbursals, and outlines eligibility criteria and timelines for exporters.

Push for Rollback of US Punitive Tariffs

The US has imposed an additional 25% punitive tariff on India for its purchase of Russian oil, taking overall tariffs on several Indian goods to nearly 50%. GTRI argues that New Delhi must push Washington to withdraw the surcharge before finalising the ongoing India–US bilateral trade deal, which is now in its final phase.

“President Trump has publicly confirmed that India has ‘very substantially’ stopped buying oil from sanctioned Russian firms — the very basis on which the surcharge was imposed,” the report said. With that condition now met, GTRI says securing a tariff rollback should be India’s immediate priority.

New Labour Codes to Support Workforce, Says Goyal

Addressing the leaders, Goyal spoke about the new labour codes that came into effect on Friday. He thanked Prime Minister Narendra Modi for the reforms, saying a large proportion of the labour force will benefit from the new, simplified framework replacing decades-old laws.

“The new codes now benefit gig workers and simplify labour regulations. Reforms including social security and minimum wage guarantees have been crafted with utmost care, and both employees and employers have welcomed the changes,” Goyal said.