CII has identified 18 developing economies that hold the promise of sustained growth over the coming few decades based on current GDP levels and population indicators. These are: Brazil, Mexico, Indonesia, Turkey, Thailand, South Africa, Malaysia, Philippines, Egypt, Vietnam, Ethiopia, Myanmar, Ghana, Tanzania, Uzbekistan, Cote D’Ivoire, Cambodia and Guinea.
The report titled ‘India’s Exports to Emerging Economies: Targeting Prospects and Chasing Opportunity’ was released by Honorable Mr Piyush Goyal, Minister of Commerce & Industry and Railways, Government of India at the CII Exports Summit in New Delhi recently.
Given the current growth trends in these nations, their existing import demand, as well as India’s current standing as a source of imports into each of these countries should be the focus for India’s export promotion activities.
As India moves beyond RCEP negotiations, it is directing its focus on the mature advanced economies of US, Europe, Japan etc. while also remaining committed to bilateral trade negotiations with emerging economies (including the countries engaged with RCEP). The CII list of 18 countries thus comes at a crucial time.
CII’s research also pinpoints to 53 products at the 4-digit HS code level which hold strong prospects for greater inroads into the identified emerging economies. These products were identified based on a multi-tier analysis including the top imports of the identified countries, India’s current export competitiveness in each of the products (Revealed Comparative Advantage) and current global export volumes. Of this list, the products have been further sub-divided into three lists to indicate levels of export potential from India based on existing competitiveness and other factors.
The top list of ‘Export prospects’ include products like Iron and Steel, Chemicals, Motor Vehicles, Auto parts and components, Machinery; Electrical appliances besides Rice, medicaments for therapeutic uses, insecticides etc., certain textiles, specific metals and fabricated metals, etc. The report also provides comprehensive recommendations that point to ways in which India, through concerted efforts, could expand exports to these economies and in the identified set of products.
Commenting on the report, Mr. Chandrajit Banerjee, Director General, CII said “The Government and industry are working collaboratively to devise avenues by which India can enhance its export capacity – this includes re-thinking of the configuration of free trade zones, continued sectoral reforms, greater attention to financial resources available to companies, infrastructural improvements as well as major changes in the country’s overall trade policy.
The report identifies the top emerging economies India should target, as well as the potential commodities from India that can be exported to these nations – these will, I hope, contribute to the discussions shaping India’s trade priorities in substantive ways.”
If you are positive about our products or services feel free to get in touch via your preffered method.Send your detailed inquiry, and One of our team member will contact you at earliest
India can explore export opportunities in 19 agro-based commodities that together have a global market of USD 97.6 billion, recent data from the Food and Agriculture Organisation of the United Nations shows. India’s…read more
30, Dec, 2019
In what can be termed as a major relief to exporters, the State Bank of India (SBI) has decided to withdraw charges levied on the issuance of Bank Realisation Certificate (e-BRC) for the…read more
24, Dec, 2019
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling trade-to-GDP ratio, according to BIMCO’s Chief Shipping Analyst…read more
21, Dec, 2019
CII has identified 18 developing economies that hold the promise of sustained growth over the coming few decades based on current GDP levels and population indicators. These are: Brazil, Mexico, Indonesia, Turkey, Thailand,…read more
20, Dec, 2019
India aims to bring down logistics cost to below 10 per cent of the GDP from about 14 per cent at present to increase the competitiveness of the manufacturing sector, Som Prakash, Minister…read more
17, Dec, 2019
The Federation of Indian Export Organisations (FIEO) launched the “2nd LOGIX INDIA 2019”- International Buyer Seller Meet on December 12, 2019 at New Delhi with the active support from Ministry of Commerce &…read more
16, Dec, 2019
The Minister of Commerce and Industry, Piyush Goyal, recently informed the Parliament that Free Trade Agreements (FTAs) signed by India provide tariff concessions thereby giving opportunities for exports of products including those related…read more
14, Dec, 2019
A DGFT notification has said the additional 2 per cent incentive under MEIS would lapse on December 31. The Government’s decision to withdraw by the year-end the additional 2 per cent incentive given…read more
13, Dec, 2019
Union Minister Mr. Hardeep Singh Puri, hoped that by next year India’s engineering exports will reach the target of USD 1 trillion. He gave away the Engineering Export Promotion Awards (EEPC) for the…read more
13, Dec, 2019
Ahead of a new export incentive scheme – Remission of Duties or Taxes on Export Products (RoDTEP)-to be rolled out from next year, the Director General of Foreign Trade (DGFT) recently issued a…read more
11, Dec, 2019