Piyush Goyal: Services Data Analysis for Trade

New Delhi, Nov 18 (PTI) Commerce and Industry Minister Piyush Goyal on Tuesday called for examining services sector trade data as it would help stakeholders make the best decisions.

While launching the Trade Intelligence and Analytics (TIA) Portal here, he said the industry should increase utilisation of free trade agreements (FTAs).

The portal will help exporters better utilise the Free Trade Agreements, the minister said.

"At some point, services data needs to be also examined. Currently it's a black box. There is hardly any validated decent level of analysis of services data," he said here.

He added that data such as Germany needing 90,000 workers and Europe and Japan requiring a large number of caregivers are not known to people in smaller cities.

There are a vast number of opportunities in the service sector globally that will now be available to all, Goyal said.

"Only the commerce ministry knows that," he said, adding, "We have to be more transparent" with trade data to help stakeholders make the best decisions.

He said that the portal will open up new insights for importers, exporters, startups and MSMEs.

Developed by the Department of Commerce, the TIA Portal is a one-stop trade intelligence and analytics platform that integrates multiple global and national databases along with macro-economic indicators into a unified analytical model offering over 270 analytics.

The platform provides real-time, interactive insights on India and global trade, commodities and sectoral analytics, market intelligence, including export opportunities, and competitor analysis.

It also includes automated trade reports and tracking of trade trends for PLI sectors and critical minerals.

On the free trade pact, the minister said he suggested to officials that if India grants a duty concession on a product to one country under an agreement, the same concession can be extended to other FTA partners, as it would increase competition and benefit Indian consumers.

If a sector is "crying for protection" in a trade pact, he said it will not help the industry in the long run.