INSUBCONTINENT EXCLUSIVE:
Government is planning to revamp the commerce department to make it "future ready"New Delhi: Eyeing a more coherent trade promotion
strategy, the commerce department is all set for a revamp, as official sources said that clearer targets and execution accountabilities will
be the focus area.According to the Under the plan, there is a proposal to set up a dedicated trade promotion body and a trade remedies
The commerce ministry also said that there will be a strengthened negotiation ecosystem with right expertise and robust end-to-end processes
with clearly defined focus areas and institutions in the revamped department.There is also a need for scaling up and re-engineering the
operation model with enhanced 'new-age' capabilities and to move from inherent traditional roles to new roles, sources informed further.For
this, a project was undertaken to design a future ready department of commerce."Strengthening negotiations via multi-skilled negotiation
proposed to set up a 'trade remedies review committee' including ministry of commerce and industry, ministry of finance and line ministries
for transparency in investigations outcomes.Further centralisation and digitisation of trade facilitation processes has been recommended to
drive ease of compliance and scheme administration.Rehauling the data and analytics ecosystem via centralised data management and embedded
analytics capabilities in the department has also been proposed."A concerted push to strengthen Brand India and re-enforces trade priorities
is in the works....The strengthening of the department is expected to facilitate the creation of the ecosystem necessary to achieve the
target of $2 trillion exports by 2027," a commerce ministry statement said.Commerce minister Piyush Goyal has chaired a meeting focused on
the revamping to make the department future ready.He called for the consistent strengthening of the Directorate General of Foreign Trade
(DGFT) and other organisations and bodies that promote investment and trade.
