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India Urges Exporters to Explore New Markets

Commerce Secretary says global economic environment is not likely to improve in the near future.
Dec 22, 2011 7:39 AM   By Dilipp S Nag
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RAPAPORT... India’s Commerce Secretary, Rahul Khullar, urged Indian exporters to diversify their presence in new markets like Africa and Latin America as the global economic environment is unlikely to improve in the near future.

“The external environment is not good, especially in the European Union and the U.S.,” Khullar said. “The next two years are going to be difficult. There are going to be cutbacks in government expenditure, exchange rate fluctuations and financial sector problems.”

However, it is within the realm of possibility to reach the annual export target of $300 billion this fiscal year and take it to the level of $450 billion by 2013-14, he added while releasing a strategy paper by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

Khullar stated that Indian exporters should reduce the cost of doing business to gain competitiveness. He added that India is negotiating free trade agreements with the European Union, Canada, Australia, New Zealand, Indonesia and Thailand which will help reduce tariff levels and provide access to new markets.

He said that exporters should diversify their product basket and invest in research and development to infuse innovation in manufacturing processes.

Tags: africa, Dilipp S Nag, Europe, Exporters, exports, India, markets, US
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