Trade pacts with G20 member countries can help India boost exports: CII EXIM panel chairman
trade pacts with certain G20 countries and diversifying exports to regions like Brazil and Mexico could help India boost outbound shipments and manufacturing in the years to come, Chairman, CII national committee on EXIM, Sanjay Budhia, said on Wednesday. He said that tapping into opportunities in G20 countries is crucial for India's economic growth and global influence.
India should diversify its export markets within the G20 countries, Budhia, who is also Managing Director of Patton Group, said.
He added that while traditional partners like the United States and the European Union remain important, exploring emerging markets within the G20, such as Brazil, South Africa, Indonesia, and Mexico, can open up new avenues for Indian goods and services.
«Negotiating and implementing trade agreements and bilateral deals with G20 member countries may be helpful to tap potential between India and G20 countries.
Such agreements can reduce trade barriers, tariffs, and regulatory hurdles, making it easier for Indian businesses to access foreign markets,» Budhia said.
He also said that focusing on collaborations and partnerships in digital technology, IT services, and e-commerce with G20 nations can lead to increased exports and foreign investment.
«SMEs play a significant role in India's economy. Providing support and incentives to SMEs (small and medium enterprises) to expand their export capabilities can lead to increased exports to G20 countries,» he said, adding India's G20 presidency is helping strengthen economic ties with the member countries in terms of increasing exports and attracting foreign direct investment.
«India's trade and investments with the G20 countries is likely to grow significantly in the coming years.
