Trade Ministry Sets Ambitious Goal: $1 Trillion in Goods Exports by 2030

According to the trade ministry on Thursday, sustainability will be a major concern moving forward, despite the commerce ministry’s recent exercise to identify potential sectors, clusters, and necessary infrastructure needs to help the nation meet its $1 trillion merchandise export target by 2030.

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This occurs one day after the European Parliament approved a new rule on Wednesday that would force bigger businesses operating within the EU to determine whether their supply chains involve forced labour or harm to the environment and to take appropriate action if they do. According to Reuters, the Corporate Sustainability Due Diligence Directive (CSDDD) was support by EU parliamentarians by 374 votes to 235 against, with 19 abstentions.

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EU’s CBAM to Raise Costs for Indian Exports by 20-35%

The carbon border adjustment mechanism (CBAM), another environmental rule that penalises products with high carbon footprints entering the 27-member bloc, was imposed by the European Union before to the implementation of the CSDDD. Interestingly, over 25% of India’s exports of iron, steel, and aluminium went to the EU, and industry estimates suggest that the tariffs imposed by the EU might increase the cost of Indian exports by 20–35%.

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Santosh Sarangi, DG of Foreign Trade, Urges Business to Address Sustainability in Logistics

Sustainability concerns will be of great importance in the majority of major economies. Thus, at the CII logistics conference, Santosh Sarangi, Director General, Directorate General of Foreign Trade, stated, “Our business and trade needs to work on how do we reduce our carbon footprint and how do we gear up our entire infrastructure to sustainably move goods and packaging.”

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ADB Study Critical for Identifying Key Export Hubs: Anant Swarup

The Asian Development Bank (ADB) is conducting research on our behalf since the source of the $1 trillion in exports is of greater significance. For us, that is extremely important. Because we wouldn’t be able to do a baseline study to identify the gaps that exist and then enhance our infrastructure capabilities unless we knew about the clusters, ports, and airports from which this $1.5 trillion in imports and $1 trillion in exports is going to happen, Additional Secretary in the Ministry of Commerce and Industry Anant Swarup stated.

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