Huge opportunities for exporters despite trade barriers : Suresh Prabhu

Posted by Daily Shipping Times on 09-03-2018        Tweet

NEW DELHI: Huge opportunities are available for Indian exporters to find a niche market for their products and services despite protectionist measures being taken by some countries in the globe, Commerce Minister Suresh Prabhu said recently.

He said that right now exporters are sailing in turbulent waters as certain countries are creating borders and impediments for global trade.

But despite that, "we have to make sure that, we gain more and more market share," he said adding "It is doable because whether some countries put tariff and non-tariff barriers, still huge room is available to find a niche market".

The Minister's remarks assume significance as the US Government plans to impose hefty import tariff on aluminium and steel products.

Prabhu also asked exporters to formulate specific strategy and focus on standards of products to increase shipments.

"I assure full support from the Government," he said here at an ECGC function.

Speaking on the occasion, Commerce Secretary Rita Teaotia assured exporters of early resolution of issues related to refund of the Goods and Services Tax (GST).

She said that the Ministry is working on ways to reduce logistics cost for exporters to increase their competitiveness in global markets.

Cut in logistics cost by 2 per cent would "do enormous service in increasing competitiveness" of exporters, she added.