As part of its broader trade strategy, India is looking to diversify its exports across economies to mitigate risks from global uncertainties and US tariffs.Government sources told CNBC-TV18 that Commerce and Industry Minister Piyush Goyal is expected to travel to Europe for the Berlin dialogue post-Diwali, after which he will hold talks with the European Union (EU) on a potential Free Trade Agreement (FTA) in the last week of October.He is then expected to visit New Zealand for trade negotiations. India has already completed 14 rounds of trade talks with the EU and three rounds with New Zealand for an FTA.
On the challenges faced by exporters, sources said the government has advised them not to sell at a loss but instead pursue trade diversion to other markets to hedge risks.After the EU, Russia is also reviewing clearances for Indian fisheries exports, which could open further access to the Russia-led Eurasian Economic Union (EAEU). EU’s recent approval of Indian fisheries exports has offset the loss of export avenues for the sector due to US tariffs.In a major boost for India’s marine products sector, the EU on September 9 listed 102 new Indian fisheries establishments eligible to export to the bloc. Marine products are among the commodities hit by the 50% US tariffs.While the US remains the top export destination for India’s marine products, the EU is the second-largest market, followed by China, Japan, and Vietnam.(Edited by : Poonam Behura)
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