The Commerce Department has solicited feedback from export bodies regarding the trade barriers and non-tariff measures they encounter in various countries. This initiative aims to incorporate strategies to overcome such obstacles in the upcoming 100-day action plan, to be presented to the new government after the general elections. As part of this plan, the department will unveil the ‘Trade Connect e-Platform’, designed to offer crucial information to novice exporters on product identification, non-tariff barriers, updated tariff schedules, customs duties, and benefits under India’s Free Trade Agreements.
An inside source disclosed that the 100-day action plan will encompass a range of measures to enhance exports towards achieving the ambitious $2 trillion goal by 2030. The forthcoming launch of the Trade Connect e-Platform aligns with this objective, as it will streamline export processes for businesses. Furthermore, addressing non-tariff barriers is a pivotal aspect of the plan, particularly in markets with low existing tariffs where such barriers impede export growth.
Amidst the preparations for the action plan, Prime Minister Narendra Modi has instructed Ministers to outline a roadmap for the government’s initial 100 days and the subsequent five years of its tenure. The Commerce Department has already received insights from export bodies on non-tariff measures and trade barriers, specific to their sectors across various nations. These inputs are currently under consolidation for implementation within the 100-day strategy.
Additionally, the 100-day action plan may feature the Commerce Department’s intention to finalise Free Trade Agreements with the UK and Oman. Notably, negotiations with Oman are in the final stages, undergoing legal vetting, while resolving a few outstanding issues remain for the UK FTA. The imminent launch of the Trade Connect e-Platform, anticipated to serve as a comprehensive resource for exporters and importers, is poised to enhance trade connectivity and streamline operations across different platforms.
In light of the prevailing economic landscape, with India’s goods exports contracting by 3.5% to $394.99 billion during the April-February 2023-24 period due to global economic slowdown and geopolitical tensions, the Commerce Department’s proactive measures aim to navigate these challenges and bolster the country’s export performance in the coming years.
