The ministry of commerce and industry on Wednesday launched an online platform that pools in information on foreign trade from diverse sources to guide the existing and aspiring exporters on the opportunities available in the international market and how to capture them.
The “Trade Connect e-Platform” serves as a one-stop solution, providing exporters with near real-time access to critical trade-related information, while seamlessly connecting them to key government entities such as the Indian Missions abroad, Department of Commerce, Export Promotion Councils, and other trade experts.
Right from answering queries on global demand of a product and country-wise trade information, the platform will also guide exporters on international standards, market access conditions, compliance requirements and forge connections with international buyers.
The portal will also hand-hold exporters to get the maximum out of Free Trade Agreements and provide documents that will enable them to export at preferential tariffs at a single location. The exporters will also be able to use the platform to apply for certificate of origin, for exports to FTA partners. The platform also hosts a country guide listing export opportunities there along with rules and tariffs for exports.
The Indian exporters will also be able to create a public webpage on Trade Connect to showcase their company profile and products to a global audience. Initially this feature will be available to “status holders” identified by the Department of Commerce.
The e-platform also has a feature where exporters can get their queries on trade related topics from officials and experts. Over 180 officials from Indian missions abroad apart from officials from export promotion councils and industry experts have been onboarded as experts.
Queries under export-import regulations, trade finance and insurance, incentive schemes, trade disputes, logistics, support for export to foreign markets. foreign government procurement opportunities and investment opportunities can be submitted for resolution. The platform will also host training material to refine skills and strategies in international trade.
The platform was announced at last year’s Board of Trade meeting and before this year’s meeting it has been launched. India had proposed a similar global platform during its G-20 presidency.
“The portal will be updated regularly and stakeholders’ feedback will help in launching its second version in 2025,” commerce and industry minister Piyush Goyal said after launching the platform.
“The global trade is in a paralytic situation but this is our effort to increase India’s market share in the world,” he said adding that the platform will be available in other official languages too in future.
The platform will connect more than 6 Lakh IEC (import-export code) holders, over 180 Indian Mission officials, over 600 Export Promotion Council Officials, besides the officials from DGFT, department of commerce and banks.
In the second phase more services like banking, insurance and logistics will be added on to the platform, Director General of Foreign Trade (DGFT) Santosh Sarangi said.
The platform has been developed in collaboration with the Ministry of MSME, EXIM Bank, TCS, Department of Financial Services (DFS), and the Ministry of External Affairs (MEA).
Whether a seasoned exporter or a new entrant, the platform is designed to assist businesses at every stage of their export journey, DGFT said.
“It will be a ChatGPT for exporters..We want entrepreneurs to grow in trade business. Unless and until we have entrepreneurs, the dream of $2 trillion exports of goods and services (by 2030) will be difficult to achieve,” commerce secretary Sunil Barthwal said.
From: financialexpress
Financial News
