The ministry of commerce has identified and shared with Indian exporters specific lines where the US would lose competitiveness in China, and India has export potential.
An interactive session was organized in New Delhi on July 31 by the ministry of commerce on emerging opportunities to enlarge India’s exports to the US and China.
Speaking at the session Commerce Minister Piyush Goyal said in order to achieve the target of $5 trillion economies, India’s exports will have to contribute at least $1 trillion.
Goyal urged manufacturers and exporters to come forward with data and details which directly and indirectly add to the cost of the products that are being exported, like cess paid on coal, electricity and royalty paid on mines.
"All this adds up to the cost of the export product per unit basis, he added. Commerce and Industry Minister said that the ministry is working on making India’s export products competitive and simplifying rules and regulations for easy availability of export credit," the government said in a press release.
The minister urged the traders to flag issues regarding availability of land, labour, common effluent treatment plants, cluster development and logistics support required in ports, airports and customs to the ministry so that it is able to iron out the issues impeding India’s exports and facilitate the exporters to take maximum benefit from the tariff escalation between the US and China.
A section of the industry conveyed that some of the conditions like requirements of local experience are limiting their participation in the Chinese procurement process.
The government has held discussion with the relevant Chinese authorities to ensure that Indian companies get market access for their products.
"Such issues are also discussed in the bilateral meetings from time to time to find solutions to any such restrictions in market access," the release said.
During the 11th session of India-China Joint Group on Economic Relations(JEG) held in New Delhi last year, the two countries agreed to increase bilateral trade in a more balanced and sustainable manner.
Various meetings have been held at the official level with Chinese counterparts as a part of ongoing efforts, to obtain market access for various Indian agricultural, dairy, and pharmaceutical products for the Chinese market.
"Various protocols have been signed to facilitate the export of Indian rice, rapeseed meal, tobacco and fishmeal/fish oil, chilli meal, from India to China," the release said.
The session was organized by the Department of Commerce and Federation of Indian Export Organisations (FIEO) and attended by Commerce Secretary, Anup Wadhawan, FIEO President, SK Saraf and officials of the Department of Commerce.
"The identification of specified tariff lines in US and China by Department of Commerce has resulted in focussed attention by exporters to these products which have been supplemented by proactive intervention by Indian Embassy in China and the US who are working hard to link Indian exporters with foreign buyers," Sharad Kumar Saraf, President, FIEO, said.
Representatives of Export Promotion Councils and trade and industry associations also participated.
Source: moneycontrol.com