Look beyond US, EU; explore new markets: DGFT to exporters

NEW DELHI: Concerned over declining exports, Director General of Foreign Trade ( DGFT) Pravir Kumar today asked exporters to look beyond the US and European markets, and tap new opportunities for their shipments, including in the FTA partner countries.

"It is a good idea not to keep all your eggs in one basket. If we depend too much on the US and Europe, then if there is problem in one area, the whole country and the industry will suffer. So, we would like our exporters to explore possibilities in other countries," Kumar said while addressing a national rubber conference here.

Exports are a big challenge considering sluggish global demand, he said, adding that exporters should try other markets like Latin America, Africa, CIS and ASEAN nations besides FTA partner countries.

The government is working on various options to push exports in new markets and there are huge opportunities in countries with which India has signed free trade agreements (FTAs), Kumar said.

Exports can be pushed to FTA partner countries as India has lowered some barriers under the pact and it can negotiate with partnering countries to lower trade barrier on their side too, he added.

"We would like our industry to take full advantage of opportunities under FTAs and see what markets we can negotiate," he said.

Elaborating external and internal challenges being faced in promoting trade in the present scenario, Kumar said since the government has no control over external factors, it is more focusing on addressing internal issues so that to provide a platform for easy of doing business.

He said: "In our new foreign policy, we are focusing on simplifying schemes and procedures. We are making online submission of applications and forms wherever possible to facilitate an environment for trade."

Contracting for the seventh month in a row, India's exports dipped by 15.82 per cent in June to USD 22.28 billion due to global slowdown and dip in crude oil prices that impacted shipments of petroleum products.