Piyush ​Goyal in talks with shipping ministry, companies to tackle stuck cargoes as Middle East crisis stalls trade

Commerce Minister Piyush Goyal said on Friday he was ‌holding ⁠talks ⁠with the shipping ministry and companies in the sector to free up cargoes marooned ⁠by the ‌disruption of key global ⁠trade routes as conflict grows in the Middle East.

India will look at ways to ease ‌the burden on exporters, such as the high ⁠cost of insurance and cargo shipments, he added.



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"Every day the inter-ministerial group talks to the exporters. Even this morning, they must have had an engagement. They take feedback, and we will not be found wanting in supporting our exporters in any way. We should continue to meet all the commitments that we have made to our buyers, whether in goods or services," he told reporters on the sidelines of IIFT's vice chancellors' conclave.

He asserted that the government will use every policy tool and the export promotion mission to support Indian exporters. He hinted at a formalised way of giving comfort to the traders.

"We are in dialogue with the Ministry of Shipping and with all the shipping companies also, and I do hope we will find a resolution to this issue... I can assure you this government stands with our industry and will continue to ensure that all our international commitments are met because that is what defines India," Goyal said.

"Even during COVID, India met all its international commitments, which earned us the acronym of a trusted partner and we will continue to be the trusted partner of the world...," he said.

Amidtst the ongoing conflict in the Middle East, energy transportation through the Starait of Hormuz is disrupted due to Iranian strikes on ships in the region. Exporters are facing issues with regard to the movement of consignments to West Asia following the joint attack launched by the US and Israel on Iran.

When asked about the issue of increasing freight, he said the commerce ministry is working with them to see how the burden of exporters can be supported with.