Russia-Ukraine war may lead to disruptions in trade: Piyush Goyal
By MYBRANDBOOK
Commerce and industry minister Piyush Goyal said that the government is in continuous dialogue with exporters to address the problems and challenges that are emerging due to the ongoing Russia-Ukraine war and could lead to some kind of disruption in trade.
He said, “Those challenges are there before us and that certainly may lead to some kind of disruption because it is coming along with COVID-19, which is also rearing its head. But we are completely on top of these issues and are in continuous dialogue and hand holding our exporters on a regular basis.”
He added that there are challenges of commodity prices, inflation, disruption in shipping lines, and container shortages.
When asked about the implementation of India-UAE free trade agreement, Goyal said the UAE has formally ratified the pact. “It (implementation of the pact) could happen anytime in the next six weeks time,” he added.
Bilateral trade between India and Russia stood at $9.4 billion so far this fiscal, against $8.1 billion in 2020-21. The bilateral trade with Ukraine stood at $2.3 billion so far this fiscal, as against $2.5 billion in the last fiscal.
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