EEPC recommends FTAs with Latin America, African nations to boost engg exports

Kolkata, July 7 (KNN) The Engineering Export Promotion Council (EEPC) India has proposed Free Trade Agreements (FTAs) with countries in Latin America and Africa to increase exports of engineering products. 

Recommending this strategy, EEPC released a paper on this urging the country to pursue new FTAs with Latin American and African nations to boost engineering shipments.

The strategy paper stressed on the importance of expanding market access and reducing risks associated with economic uncertainties, EEPC said in a statement.

At present, around 40 countries account for over 87% of India’s engineering exports.

“It is quite crucial for India to explore new markets, especially in Latin American and African countries. Many of our competitors have already established FTAs with these countries and as a result, are having a competitive edge over us,” said said Arun Kumar Garodia, chairman, EEPC India.

He further said that FTAs with these countries can level the playing field, ensure fair market access and expand our exports.

The strategy paper also highlighted the impact of global economic trends on India’s engineering shipments.

KNN Bureau