Commerce Ministry Urged To Address Non-Trade Barriers For Export Growth

ENA Sectors 2024-06-28 14:27:55 New Delhi, Jun 28 (KNN) In a high-level meeting chaired by Commerce and Industry Minister Piyush Goyal, domestic exporters proposed the establishment of a dedicated division within the commerce ministry to tackle non-trade barriers imposed by various countries. This suggestion comes as these barriers increasingly impact India's outbound shipments. The meeting, which brought together industry representatives, exporters, and ministry officials, addressed several key issues affecting India's export sector. Participants included members from industry chambers as well as representatives from various export promotion councils. Ajay Sahai, Director General, Federation of Indian Export Organisations (FIEO), emphasised the need for a focused approach to dealing with non-trade barriers. Other concerns raised during the deliberations included container availability in hinterlands, shipping lines bypassing India, product standards, port efficiency, and the potential of free trade agreements to enhance market access for domestic players. Exporters also called for an extension of the Interest Equalisation Scheme, set to expire on June 30, with FIEO President Ashwani Kumar proposing a five-year extension. Additionally, there were requests for increased rates under this scheme. The meeting featured presentations by the Directorate General of Foreign Trade (DGFT) and Invest India on Indian exports and imports. Recent government data shows that India's merchandise exports grew by 9.1 per cent to USD 38.13 billion in May, despite global economic uncertainties. However, the trade deficit widened to a seven-month high of USD 23.78 billion during the same period. Economic think tank GTRI has stressed the importance of swiftly addressing non-trade barriers faced by Indian exporters in countries like the US, China, and Japan to achieve the ambitious target of USD 1 trillion in goods exports by 2030. These barriers, which can be both technical and non-technical, affect a wide range of Indian exports, including agricultural products, pharmaceuticals, and industrial goods. As India aims to boost its export sector, addressing these non-trade barriers and implementing supportive measures will be crucial for maintaining growth momentum and enhancing competitiveness in the global market. (KNN Bureau) 38389 https://knnindia.co.in/news/newsdetails/sectors/commerce-ministry-urged-to-address-non-trade-barriers-for-export-growth 2024-06-28 14:27:55 knnindia.co.in Commerce Ministry Urged To Address Non-Trade Barriers For Export Growth