Insurance support on cards as India targets help for exporters amidst West Asia crisis

India’s Commerce and Industry Minister Piyush Goyal said the government is considering support for exporters on the insurance front to help them deal with the ongoing West Asia crisis, with consultations underway with the Export Credit Guarantee Corporation (ECGC) and other departments.He said an inter-ministerial group is monitoring developments on a daily basis and interacting with exporters, adding that the Customs department has issued norms to handle export cargo returning to Indian ports due to the closure of maritime trade routes in the Strait of Hormuz.The government is also exploring ways to assist exporters whose goods have already been shipped but are facing higher ocean freight, air transport, and insurance costs.Goyal assured exporters that under the Export Promotion Mission, the government will provide comprehensive support and handholding to boost Indian exports globally.He noted that Europe remains a key market for agricultural and processed food imports, particularly with new trade arrangements offering near-zero or very low duties on several Indian products.He also highlighted opportunities arising from India’s trade agreements and partnerships with EFTA countries-Switzerland, Norway, Liechtenstein, and Iceland—as well as New Zealand, Australia, Japan, Korea, ASEAN nations, Oman, the UAE, and Mauritius, adding that negotiations with Canada are progressing while talks with the six-nation GCC bloc in West Asia have recently begun.The minister also clarified that India will not allow tariff concessions on imports of wheat, rice, millets, corn, soybean, and sugar under any trade deal, and that no duty concessions or market access will be granted to genetically modified foods in any free trade agreement.

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