'Exporters should cash in on opportunities in new markets'

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SME Times News Bureau | 22 Mar, 2014
Indian exporters should focus more on promising non-traditional export markets such as Africa and China, said Union Commerce Secretary Rajeev Kher in Kolkata on Friday.

Speaking at a meeting with members of engineering exporters' body Engineering Export Promotion Council, Kher said Indian exporters must explore new territories in countries like Africa and China to diversify from traditional markets like European Union and USA.

Africa, he said, had huge potential and those into merchandise exports should cash in on this opportunity.

China was also a huge market while new opportunities were coming up in southeast Asian countries, he added.

He also mentioned some forward-looking markets like Peru, Colombia and Chile while saying that countries like Vietnam, Cambodia and Laos were ignored by Indian exporters.

On the Trans-Pacific Partnership Agreement (TPP), he said India was not prepared at this stage to handle it as countries like Malaysia, Vietnam would have preference at India's cost.

Kher said Indian exporters must diversify from traditional markets like European Union and USA to handle trade shocks and ensure long-term sustainability.

After recording positive growth for seven consecutive months, India's exports contracted 3.67 per cent in February to USD 25.68 billion. For the April-February period, exports were up 4.79 per cent to USD 282.7 billion.