Commerce Minister Goyal unveils trade connect ePlatform to boost MSME exports

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Commerce Minister Goyal unveils trade connect ePlatform to boost MSME exports

Commerce Minister Goyal unveils trade connect ePlatform to boost MSME exports

Industry News
Jan 18,24

Union Commerce Minister Piyush Goyal has unveiled plans for the Trade Connect ePlatform, aimed at bolstering the participation of Micro, Small, and Medium Enterprises (MSME) as well as startups in the export sector. This initiative seeks to enhance exports by involving small and medium traders. The ePlatform is expected to be accessible to traders within the next three to four months.

Functioning as an intermediary platform, the Trade Connect ePlatform will facilitate connections between Indian exporters, entrepreneurs, and various international trade stakeholders, as explained by a senior official. This platform will prove invaluable for MSME traders, providing them with vital information and opportunities that are often elusive due to limited awareness about the export mechanism.

The platform's design ensures that it becomes a comprehensive resource for export promotion activities, offering information such as contact details for all relevant individuals, the official further elaborated. Minister Goyal made this announcement during the second meeting of the reconstituted Board of Trade (BOT) at Bharat Mandapam, emphasising the importance of internationalising goods and services to enhance product quality and boost the economy's scale.

During the meeting, Goyal stressed the need to turn exports into a people's movement, with equal participation from states, the Centre, and the industry. The Board of Trade meeting primarily focused on reviewing export performance to achieve the $2 trillion export target by 2030, discussing priorities outlined in the new Foreign Trade Policy (FTP) 2023, and exploring strategies for continued export growth.

Arun Kumar Garodia, Chairman of the Engineering Export Promotion Council (EEPC), proposed initiatives such as connecting waterways with ports, expanding the export parity price scheme for more steel products, and including steel under the remission of duties and taxes on exported products (RoDTEP).

According to commerce ministry data, India's goods trade exhibited positive trends, with a rise in exports in December leading to a 4% reduction in the goods deficit compared to November. Services exports saw a slight decline in December, but remained higher than imports, contributing to the narrowing of the merchandise trade deficit to $19.80 billion in December. Notable export sectors included electronic goods, drugs and pharmaceuticals, and iron-ore.

Source: Mint