India Plans Strengthening Export Presence
(MENAFN) India is looking to expand its export footprint in 50 countries to counter the impact of higher US tariffs, local news outlets reported on Tuesday, citing government sources.
This new strategy, according to a news outlet, aims to concentrate on nations that together make up nearly 90% of India's total exports.
The plan emphasizes increasing trade engagement in the Middle East and Africa, particularly in new markets, as per a report from a news agency.
This approach will be customized for specific products, with a focus on three key goals: diversifying exports, replacing imports with domestically produced goods, and enhancing export competitiveness, the report noted.
The primary goal of this revised policy is to reduce over-reliance on a single market, thereby minimizing the risks tied to trade disruptions.
This move comes in response to concerns about a potential global demand slowdown and the challenges posed by the recent US tariff hikes.
Last week, the White House revealed a new 25% tariff on imports from India, increasing the total tariff burden on the South Asian nation to 50%.
US President Donald Trump explained that this latest round of tariffs was a result of India’s ongoing purchases of Russian oil.
The Middle East has been identified as a promising region for expanding exports of Indian engineering goods, gems, and jewelry, while Africa offers opportunities in pharmaceuticals, auto components, and agricultural products, according to the reports.
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