India On Course To Reach US$ 50b Export Target By 2014: Anand Sharma

New Delhi, June 9, IRNA – India’s strategy to reach out to newer markets in Asia, Africa and Latin America would enable the country to reach US $ 500 billion export target by 2014. “The strategy to reach out to newer markets in Asia, Africa and Latin America and provision of a stable policy environment has paid off and the addition of seven new markets to the Focus Market Scheme and 46 new items to the Market Linked Focus Product Scheme would enable the country to achieve the export target of US$ 500 billion by end of fiscal 2013-14,” said Anand Sharma, Union Minister for Commerce, Industry and Textiles, Friday in New Delhi while addressing the Federation of Indian Chamber of Commerce and Industry (FICCI) Seminar on Foreign Trade Policy. “We were clear in our mind that we could not wait for demand to revive in our traditional markets of the US and Europe after these countries suffered the severe fall-out of the global financial crisis. We recognized the need to expand the scope and coverage of the Focus Market Scheme which now covers 112 markets across the world,” the Minister said and added that this strategy over the last three years paid good dividends. Last year, India’s exports to Asia, Africa and Latin America totaled US$ 188 billion, constituting 62 per cent of India’s total export. Sharma stated that through Free Trade Agreements (FTAs), India has sought to enhance its presence in new and emerging markets and “we are now close to concluding a broad-based trade and investment agreement with the EU”. On June 26, a ministerial level meeting is slated between Mr. Sharma and the EU trade commissioner to the process forward. Speaking on the occasion Dr. Anup K Pujari, Director General of Foreign Trade, in his remarks assured the Indian exporting community that the government will soon come out with a mechanism for issuing export obligation discharge certificates over-the-counter. R V Kanoria, President, FICCI, raised concern over loss of competitiveness arising out of unrebated local taxes which are not neutralized. He also suggested the formation of a ‘focus group’ to look into how India could be integrated more closely with the global supply chain in identified products such as pharmaceuticals, chemicals, automobile and auto parts, electronics and leather goods. Rakesh Shah, Co-Chairman, Foreign Trade & Trade Facilitation Committee, FICCI, expressed confidence that the new foreign trade policy supplement would embolden exporters to compete effectively in the challenging global economic environment.