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Indian Commerce Minister sees South Asia as an unexplored market for exports

In a meeting held to strategise and promote India’s exports, Commerce and Industry Minister Suresh Prabhu asked various ministries such as Textiles and MSME to take advantage of exporting opportunities in South Asia, formed by the current territories of Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, India, Pakistan and Sri Lanka.

The discussion was attended by Commerce Secretary, DG Foreign Trade, Secretaries of Textiles and other senior Govt. officials.

During the meet, Prabhu also stressed on exploring barter measures with specific nations as well as joint exports in association with other countries, while adhering to India’s WTO commitments.

Furthermore, the Minister also laid focus on key global issue of relocation of industries from China. He said they should be investing in India if they leave China due to rising production costs.

Markedly, Commerce Secretary Anup Wadhawan highlighted that deliberations on providing priority sector status to export credit were also made. This way the country would be able to improve the volume of credit and allocation under interest subvention system, Service Exports from India Scheme (SEIS) and Merchandise Exports from India Scheme (MEIS) under Foreign Trade Policy of India (FTP 2015-20).

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