New Delhi: As part of the stepped up drive to push exports amid the US tariff turmoil, India will launch outreach initiatives in 40 countries, with priority markets in Europe such as the UK, Spain, France, Germany, and Italy. These efforts will include trade fairs, buyer-seller meets, and sector-specific promotional campaigns, according to a senior official.
Other nations include the Netherlands, Poland, Canada, Mexico, Russia, Belgium, Turkey, the United Arab Emirates and Australia.
India's merchandise exports are facing pressure amid geopolitical tensions and the 50 per cent punitive hike in US tariffs that kicked in on Wednesday.
Commerce Secretary Sunil Barthwal said earlier this month that the government is making efforts to diversify the country’s exports to other countries, following the steep hike in tariffs announced by the US.
The government is seeking to fast-track free trade pacts and carry out a review of existing pacts such as those with the EU, UK, Oman, ASEAN, New Zealand, Peru and Chile.
He said steps were being taken to concentrate greater focus to top 50 importing nations via mobilisation of missions abroad for export promotion efforts. Efforts are also being intensified on various export promotion schemes, he added.
The Ministry of Commerce and Industry has also drawn up a Rs 25,000 crore proposal for WTO-compliant support schemes mainly to help finance small exporters in labour-intensive sectors such as textiles, gems, jewellery and marine products under the Export Promotion Mission for a six-year period.
A senior official confirmed that the proposal has been sent to the Finance Ministry for approval, after which it will be forwarded for Cabinet approval before it is finally rolled out.
