Piyush Goyal discusses trade, shipping with Singapore

Commerce Minister Piyush Goyal with Singapore’s Dy PM and Trade Minister Gan Kim Yong. Pic/PTI

Union Commerce and Industry Minister Piyush Goyal on Tuesday held a meeting with Singapore's Deputy Prime Minister and Minister of Trade and Industry Gan Kim Yong and discussed ways to boost economic ties and huge opportunities in the Indian shipping sector.

"Discussed enhancing our bilateral trade & investment ties. Also, highlighted the tremendous opportunities India offers across various sectors," he said in a post on X. The discussion was aimed at boosting Indian flagged ships' share in the global cargo volume up to 20 per cent by 2047.

Discussions on the shipping sector assume significance as India is key to promote growth in this segment, as it will help boost trade and cut transportation costs for businesses.

Indian exporters faced several challenges during the Red Sea crisis, with freight rates surging sharply due to high charges imposed by foreign shipping lines. The Union Budget has placed strong impetus to realise the huge potential of India's shipping sector.

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