The Commerce Department has initiated a series of meetings with the heads of missions in twenty high potential export growth countries across Europe, America, Asia and Africa to formulate strategies to push exports with the overall goal of touching a combined $2 trillion target in goods and services by 2030.
“The Commerce & Industry Minister and the Commerce Secretary will be taking these meetings with heads of missions from about 20 countries in a number of rounds,” an official told businessline.
The first round of meetings has already taken place with the European countries on November 13. “It included Ambassadors and senior officials from missions in the UK, Germany, the Netherlands, France, Italy and Turkey… which have been identified as the highest export potential countries in Europe,” the official said
The next round will be with the Americas followed by Asia Pacific, the official added.
The fourth round of meetings will be with the mission heads of the GCC and African countries.
This exercise is part of the government’s efforts to increase exports by focussing on six high potential products and 20 countries.
“The 20 countries that have been identified for special focus account for 60 per cent of global imports. It is not that India would stop focussing on other countries. But given the growth potential the identified countries hold, there is more emphasis on strengthening foothold in these markets,” the official said.
The six focus sectors with share of 67 per cent of global imports include engineering goods, electronic goods, chemicals and plastics, drugs and pharmaceuticals, agriculture and allied products and textiles
Shipments up
After a decline in goods exports in FY24 by 3 per cent to $437 billion, amidst global slowdown and geopolitical uncertainties caused by the West Asia crisis and Russia’s war in Ukraine, exports have started looking up recently.
Exports in October 2024 increased 17 per cent (year-on-year), the sharpest in about two years, to $39.2 billion.
“With this kind of focussed strategy on exports, it has not only shown us results till October, but will also help us in showing excellent results by the end of this financial year,” the official said.
According to the plan, attempt would be made to go for deeper economic integration in focus countries. This could be achieved through greater market access through balanced trade agreements, economic partnerships for investments and technological collaboration in emerging areas and promoting ‘Brand India’ for better export realisation and sustenance.
Addressing non-tariff barriers and holding trade promotional events would also be incorporated in the strategy, the official said.