New Delhi, Nov 24 (KNN) Brexit related issues and uncertainties resurfacing in the European Union (EU) and the United Kingdom (UK) are creating anxieties for exporters in India, said Engineering Exporters Promotion Council of India (EEPC India).

"EU accounted for over 22 per cent of Indian engineering exports between April-October, this fiscal with shipments of merchandise aggregating close to USD.10 .billion for the period,” said Ravi Sehgal, Chairman, EEPC India.

“The recent events in UK and the EU over the modalities of the exit deal may leave businesses there in a state of flux thus impacting the trade environment," Sehgal said.

The EU contributes maximum to the overall Indian exports, he added.

According to a vertical break down of trade basket,  by the EEPC India, iron and steel, industrial machinery, automobiles, electrical machinery and components, aircraft and spacecraft parts, ships, boats and floating structures are the major and critical items of exports from India. 

"For most of these items, there has been integrated supply chain across Europe with a single market so far,” chairman said.

“With no clarity emerging in the separation deal under negotiations and the political slugfest around it, new investment and growth could be a casualty, thus affecting the international suppliers as well," he added.

He said, though EEPC India is keeping a close watch on the unfolding events, "Our counterparts in Europe are equally confused and anxious about how the entire Brexit deal would play out and settle". 

Besides UK, within EU, Germany, Italy, Belgium, France, Spain and the Netherlands are the major trading partners for the Indian engineering exporters.