New strategy will be made with 20 countries to promote exports

New Delhi: Commerce Department is preparing to hold a big meeting in January. In this meeting, a concrete strategy will be prepared to promote exports of 6 major product categories including engineering and electronic goods in 20 focus countries including America, Australia, France, China, Russia, Britain, Japan, South Korea, Singapore, Indonesia. . Sources gave this information.

This meeting is taking place at a time when exports of goods have fallen to a 25-year low in November. Furthermore, geopolitical tensions continue and petroleum prices have fallen. Overall, India’s merchandise exports during April-November stood at $284 billion, an increase of 2.1 percent from last year.

While making export strategy, focus will be on those countries where there is more potential for export. Apart from this, it will also be recommended to take concrete steps to increase exports to these countries. We are also focusing on six manufacturing sectors where we feel there is substantial manufacturing and export potential in India.

These 20 countries account for 60 percent of total global imports. Similarly, the six major products identified account for more than two-thirds of total global imports. Apart from engineering goods and electronics, other focus areas include chemicals and plastics, pharmaceuticals, agriculture and allied products and textiles.

The government aims to improve market access in these countries through balanced trade agreements and promote investment through economic partnerships. Apart from this, focus will also be on removing non-trade barriers faced by India in these countries. The government has set a target of $2 trillion in merchandise exports by 2030.