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DGFT tells exporters to explore Latin America, Africa
07
Jul '15
The financial crisis in Greece and its possible fallout in Europe is beginning to worry the Indian government and exporters. The government has now advised exporters to look beyond euro zone and explore opportunities in emerging markets such as Latin America, CIS nations and Africa.

"When there are risks, it is extremely important to distribute risks and diversify elsewhere," the media quoted Pravir Kumar, director general of foreign trade (DGFT) in the commerce and industry ministry telling an Open House Meet with more than 200 exporters in Kolkata.

Kumar said the government would continue to provide policy direction, incentivising diversification and value-added exports. He also advised exporters to focus on the countries with which India has a free trade agreement (FTA).

Indian exports to eurozone is 18-19 per cent of the country's total exports, and that is enough reason why Indian exporters should explore markets in Latin America, CIS nations and Africa, he said.

Sanjay Budhia,chairman, CII national committee on international trade policy and exports, sounded a warning on the rising trade deficit which climbed to $137 billion in the 2014-15 fiscal, up from $135.8 billion in the preceding year.

"This puts tremendous pressure on the economy. The achievements in export of services, specifically information technology and business services and huge remittance receipts alone are not capable to bridge the gap," Budhia said. (SH)

Fibre2Fashion News Desk – India

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