New Delhi, February 9 Commerce and Industry Minister Piyush Goyal will hold a meeting with representatives from export promotion councils and industry associations on February 11 here, amidst the finalization of trade agreements with the US and the European Union, an official said on Monday.
The meeting is significant as India and the US have finalized a framework for signing the first phase of the bilateral trade agreement.
Under this, the US has agreed to reduce the 25% reciprocal tariffs on Indian goods to 18%.
It has already eliminated the 25% punitive tariffs on India, which were imposed in August last year for purchasing Russian crude.
Indian exporters were eagerly awaiting this deal, as the US is the largest export destination for several labor-intensive sectors such as textiles, leather and footwear, and gems and jewelry. The steep 50% tariffs were hurting India's exports to America.
The industry official said that all the export promotion councils have been invited to the meeting.
India had concluded negotiations for a free trade agreement (FTA) with the 27-nation EU bloc last month.