Senior Officials & Exporters To Discuss Red Sea Crisis Impact On March 8

New Delhi, Mar 7 (KNN) Officials from various ministries and exporters are set to convene on March 8 to address the challenges faced by exporters due to the Red Sea crisis, as announced by an official.

This will mark the third meeting dedicated to tackling the ramifications of the Red Sea crisis, which began in November when Yemen-based Houthi rebels targeted ships in the Red Sea and surrounding waters amid the Israel-Hamas conflict, reported BS.

Representatives from ministries including finance, shipping, and external affairs are expected to attend the March 8 meeting to discuss potential solutions.

An official from an exporters' body highlighted the issue of high transportation costs and emphasised the need for smooth credit flow to address the crisis.

Commerce Secretary Sunil Barthwal will chair the meeting, and Commerce and Industry Minister Piyush Goyal is also scheduled to meet with exporters to review export progress.

The exporting community has urged the commerce ministry to intervene in freight rates, citing exorbitant charges due to the Red Sea crisis.

The ministry previously stated that they have requested the Export Credit Guarantee Corporation (ECGC) not to increase export credit interest rates.

The state-owned ECGC aims to enhance the competitiveness of Indian exporters by providing credit insurance covers.

During April-January of this fiscal year, exports decreased by 4.89 percent to USD 353.92 billion.

(KNN Bureau)