TRADE OP­POR­TU­NI­TIES

Cargo Talk - - Contents -

EEPC fo­cusses on African coun­tries to off­set slow­down

con­cerned over a sharp year-on-year fall of 9.25 per cent in en­gi­neer­ing ex­ports in June, de­spite ru­pee de­pre­ci­a­tion around the same ra­tio in the last two months, the EEPC In­dia with sup­port of the Com­merce & Ex­ter­nal Af­fairs Min­istries has de­cided to ex­plore new mar­kets in the African con­ti­nent.

In the sec­ond In­ter­ac­tive Round Ta­ble with over 30 diplo­mats of key African coun­tries, se­nior Com­merce Min­istry of­fi­cials in­clud­ing DS Dh­esi, Ad­di­tional Sec­re­tary and Ravi Capoor, Joint Sec­re­tary–Min­istry of Com­merce; Ravi Ban­gar, Joint Sec­re­tary, MEA and EEPC of­fice bear­ers re­cently held a busi­ness

ses­sion on ways to in­crease In­dia’s trade with Africa, par­tic­u­larly in en­gi­neer­ing prod­ucts. Speak­ing at the meet, Dh­esi stressed on greater im­por­tance to the share of In­dia’s en­gi­neer­ing ex­ports to African con­ti­nent to ar­rest de­cline in In­dia’s over­all trade.

Ac­cord­ing to Aman Chadha, Chair­man, EEPC, sev­eral seg­ments of the sec­tor are fac­ing huge chal­lenges. “Heavy weight en­gi­neer­ing seg­ments seem to be fac­ing con­sid­er­able de­cline in de­mand in ex­ter­nal mar­kets and there is, so far, no vis­i­ble im­pact of the cur­rency de­pre­ci­a­tion on our ex­ports,” he said. Im­por­tant en­gi­neer­ing ex­port seg­ments like iron and steel, prod­ucts of iron and steel, cop­per and cop­per prod­ucts, mo­tor ve­hi­cles and air­craft, space­craft and parts have wit­nessed sharp de­cline in ex­ports. “While the over­all trade with Africa is much be­low po­ten­tial, In­dia and Africa can help each other tide over the im­pact of global slow­down,” he main­tained.

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