Take advantage of global trade with preferential FTAs
Industry must now intensify its efforts to penetrate new markets, upgrade quality and become more competitive to take maximum advantage of trade agreements, Commerce and Industry Minister Piyush Goyal has told Indian businesses participating in global trade.
Addressing 35 Export Promotion Councils (EPCs) on 11 Feb, he called on exporters and industry bodies to take full advantage of the series of Free Trade Agreements signed with developed countries maximise job creation and boost exports of goods and services.
Goyal pointed out that the Government has signed Free Trade Agreements with developed countries to help India’s farmers, workers, professionals, artisans and MSMEs. “We must take advantage of the global market with preferential access.”
With these trade agreements, India’s traditional medicines and yoga will also get global opportunities, while the interest of India’s agriculture and dairy sectors have been protected, he continued.
Associations representing sectors earlier impacted by the US tariff measures — including gems & jewellery, textiles and apparel, carpets, leather and footwear, marine products, handicrafts, engineering goods and chemicals — highlighted that the tariff rollback has restored business confidence and safeguarded employment in labour-intensive sectors.
Key participating bodies included the Federation of Indian Export Organisations (FIEO); Gem & Jewellery Export Promotion Council (GJEPC); Apparel Export Promotion Council (AEPC); Council for Leather Exports (CLE); Engineering Export Promotion Council of India (EEPC India); Basic Chemicals, Cosmetics & Dyes Export Promotion Council (CHEMEXCIL); Cotton Textiles Export Promotion Council (TEXPROCIL); Manmade and Technical Textiles Export Promotion Council (MATEXIL); other major textile EPCs; Carpet Export Promotion Council (CEPC); Export Promotion Council for Handicrafts (EPCH); agricultural and allied bodies including the Seafood Exporters Association of India (SEAI); Agricultural and Processed Food Products Export Development Authority (APEDA); Shellac and Forest Products Export Promotion Council (SHEFEXCIL); Indian Oilseeds and Produce Export Promotion Council (IOPEPC); India SME Forum; Sourcing Consultants Association (BAA); and apex industry chambers including the Federation of Indian Chambers of Commerce & Industry (FICCI), Associated Chambers of Commerce & Industry of India (ASSOCHAM), National Association of Software and Service Companies (NASSCOM) and PHD Chamber of Commerce and Industry (PHDCCI), along with several other leading sectoral associations.
The Ministry of Commerce and Industry also made presentations on the recently concluded trade engagement with the United States, outlining market access opportunities, compliance frameworks and export expansion pathways. Industry welcomed the clarity provided and reaffirmed its commitment to scale exports in priority sectors.
The Minister-Industry discussions also highlighted the progress under the Export Promotion Mission (EPM), the Government’s flagship framework to support exporters. Industry welcomed the Interventions already rolled out under the Mission, including enhanced access to trade finance through Interest Subvention Support for export credit loans, Collateral Guarantee for Export Credit extended to MSMEs and targeted market access support.
It was noted that additional measures relating to trade finance, export logistics, export compliances, branding and market diversification are being rolled out shortly, in a phased manner to further strengthen India’s export ecosystem, the Ministry said.
Minister Goyal reaffirmed the Government’s commitment to accelerate export growth, deepen global integration and leverage new trade agreements to position India as a trusted global supply partner. Fiinews.com
