Govt's Upcoming 'Trade Connect ePlatform' To Boost MSME And Startup Participation In Exports

Union Commerce Minister Piyush Goyal has unveiled plans for the Trade Connect ePlatform, a digital initiative aimed at boosting the involvement of micro, small, and medium enterprises (MSMEs) as well as startups in the export sector. The platform, set to be operational within the next three to four months, acts as an intermediary connecting Indian exporters and entrepreneurs with international trade stakeholders. It seeks to bridge the information gap for MSME traders, providing them with crucial details and opportunities for export activities.

During the second meeting of the reconstituted Board of Trade (BOT), Goyal emphasized the platform's role in facilitating export promotion. The BOT, formed by merging the Council for Trade Development and Promotion, advises the government on trade-related policy measures.

The meeting focused on reviewing export performance to achieve the ambitious USD 2 trillion export target by 2030, discussing priorities outlined in the new Foreign Trade Policy (FTP) 2023, and devising strategies for sustained export growth.

Practical Measures

The Minister stressed the need to internationalize goods and services to enhance product quality and boost the economy. He advocated for a collaborative effort, envisioning exports as a people's movement with active participation from states, the central government, and the industry.

Engineering Export Promotion Council (EEPC) Chairman Arun Kumar Garodia proposed practical measures at the meeting, including integrating waterways with ports, expanding the export parity price scheme for more steel products, and bringing steel under the remission of duties and taxes on exported products (RoDTEP) framework.

Positive Trajectory Of Goods Trade

The data provided by the Commerce Ministry indicates positive trends in India's goods trade, with a rise in exports narrowing the goods deficit by approximately 4 per cent in December compared to November. Although services exports experienced a slight dip to USD 27.88 billion in December, down from USD 28.69 billion in November, they still outpaced imports, which fell to USD 13.25 billion from USD 13.40 billion the previous month.

The merchandise trade deficit further improved to USD 19.80 billion in December, down from USD 20.58 billion in November. This positive shift is attributed to increased exports in electronic goods, drugs and pharmaceuticals, and iron-ore.