Govt stepping up efforts to help exporters; working group to monitor possible import surge

New Delhi: The commerce ministry is stepping up efforts to help exporters explore new markets to push outbound shipments while also setting up a working group to monitor possible surge in imports from countries like China to tackle the impact of sweeping tariffs announced by the US, a source said.

The ministry is also fast-tracking formulation of its export promotion mission to support exporters in areas such as providing credit at affordable rates; and negotiations of proposed free trade agreements with the European Union, Oman, New Zealand and the UK.

Additionally, concerned officials have been directed to hold a series of bilateral meetings with the identified 20 countries such as Australia, Brazil, China, and France for pushing India’s exports.

These developments come at a time when exporters and industries have raised concerns that the additional 26 per cent import duty imposed by the US on India may hurt them.

The identified 20 countries are Australia, Brazil, Bangladesh, China, France, Germany, Indonesia, Italy, Japan, the Netherlands, Russia, Singapore, South Africa, Saudi Arabia, South Korea, Turkiye, UAE, UK, the US and Vietnam. Huge opportunities are there in these nations for Indian exporters.

The government is framing schemes for MSME exporters to provide credit at easy terms, promote alternate financing instruments through strengthening factoring services for them, and offer assistance to deal with non-tariff measures imposed by other countries. The commerce, MSME and finance ministries are working on these schemes, which are being formulated under the export promotion mission, announced in the Union Budget for 2025-26.