New market: India working on plan to diversify its export destinations

New Delhi: As trade dynamics shift due to geopolitical changes, India’s Ministry of Commerce is strategizing to diversify its export destinations, reported Live Mint.

This plan entails exporting various goods like electronics, pharmaceuticals, engineering products, and food items to new markets, given the declining trade with traditional partners like the US and Europe.

As per news report, two people aware of the matter said that the government sees significant export potential in regions such as Saudi Arabia, France, Vietnam, Netherlands, Mexico, and Ethiopia. Goods identified for new markets include iron ore, engineering products, pharmaceuticals, electronics, agricultural and processed food products.

To implement this strategy, extensive market research is being conducted to determine suitable products for each destination, considering market trends, competition, and regulatory requirements.

In order to boost the export of agricultural and processed food products, the government has pinpointed particular regions for concentrated strategy and outreach efforts. These regions include Nigeria, Switzerland, Lithuania, Slovenia, Mexico, Sweden, Portugal, Cameroon, Djibouti, Latvia, Egypt, Senegal, Canada, Argentina, and Brazil.


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