India tapping new markets for tariff-hit sectors: Piyush Goyal
India is in talks with countries like Singapore, African nations, UAE and European Union to help exporters diversify their markets. Particularly for sea-food and shrimps, India is in talks with the UAE, and for garments and textiles, the discussions are going on with African nations, Commerce Minister Piyush Goyal has said.
“We are working with 50 other countries, who can take the products that we would like to sell,” said Goyal.
With the US tariff of 50% being imposed on several Indian exports, textile, apparels, marine food and shrimp industries are some of the worst affected sectors, as the US accounted for a large chunk of India’s exports.
“UAE helped us connect with seafood importers in the country to address the problem of shrimp,” said Goyal adding that Indian apparel exporters will be able to tap African markets better. He also informed that Singapore would soon be buying products like eggs and chicken from India.
India is in talks with several nations – apart from those with which it is negotiating free trade agreements -- for shipping specific products and items ranging from pharma, textiles, gems and jewelleries and agri-products.
The Ministry of Commerce is also in regular talks with Indian exporters to identify and analyse their problems arising due to the current geo-political situations. From expanding domestic markets to exploring new export markets, the Commerce Ministry is also in discussions with several other ministries and departments to ensure better exposure to the Indian exporters, particularly those affected by the US tariff and other geo-political tensions.
“There is a lot of work to be done on trade diversion -- to develop new markets, new products, new opportunities for new exporters,” Goyal added. Trade negotiators of the European Union will be coming to New Delhi next week to further the discussions on the trade deal. Representatives from UAE, Germany and many African nations also had meetings with the Commerce Minister last month.