EDEN IAS

TRADE CONNECT E-PLATFORM

TRADE CONNECT E-PLATFORM

Introduction to TRADE CONNECT E-PLATFORM:

It is an intermediary platform that makes it possible to link Indian businesses and exporters with different foreign trade stakeholders. It also provides a forum for the Indian government to assess how states and union territories might contribute to increasing exports and how world events affect India’s trade Connect E-Platform.

It was announced by the Union commerce minister Piyush Goyal at the second meeting of reconstituted board of trade.

WHAT IS THE NEED?

In order to get economies of scale and to assist improve product quality, it is necessary to internationalize the goods and services. He also stressed the importance of turning exports into a movement led by the people, with the industry, the Center, and the states all contributing equally to the growth of Indian exports.

WHO ARE THE BENEFICIARIES?

The E-Platform is anticipated to facilitate new and aspiring exporters, offer information on various regulations to access markets, sectors, and export trends, make it simple to access benefits under free trade agreements, give access to events specific to a particular industry, and allow users to ask questions about trade to officials in the Government of India and affiliated entities in order to receive professional advice.

It gives State governments and UTs a forum to discuss exports from a State-focused perspective. Additionally, it serves as a forum for the Indian government to evaluate states and union territories regarding global events that impact India’s commerce and the part that these entities can play in boosting exports. It is still a crucial forum for discussions on trade-related problems with State/UT governments, industry associations, Export Promotion Councils, and industry bodies.

ABOUT BOARD OF TRADE IN TRADE CONNECT E-PLATFORM

Board of trade, which advises on trade policy was created in September 2022 by merging the council for trade development and promotion into it. It provides the opportunity to undertake the regular consultations and discussions with the industry and trade. It also advises the government on policy matters associated with foreign trade policy to boost India’s trade.

MEASURES TAKEN TO BOOST EXPORTS

  • Logistics Development

Efficient logistics connectivity via ports, waterways and airports along with seamless last mile delivery are enabling business to access global markets faster. Where upgrading logistics and transport infrastructure across states can give Indian exports a competitive edge.

  • Lowering Export Costs

The new foreign trade policy and resultant measures are lowering exporters cost through incentives like tax and duty remissions and input tax credits. This makes India’s exports price competitive worldwide.

  • Increasing export base

Platforms like trade connect that provide export knowledge access along with guidance to small enterprises can grow India’s export base exponentially. Onboarding more MSME’s onto global e-marketplaces through such channels will be the key.

  • International level

The Board of Trade meeting discussed key issues, including how to leverage FTAs, ways to encourage start-ups and MSMEs to go beyond borders and start exporting, and boosting exports from the services sector, which remains a key driver of export growth for the country.

SIGNIFICANCE

  • Reaching the $2 trillion export goal by
  • To expand the economy and assist improve product quality by making goods and services more globally available.
  • The goal of the Trade Connect E-Platform launch is to encourage small and medium-sized merchants to participate in exports by increasing the number of start-ups and Micro, Small, and Medium Enterprises (MSME) that do so.

Implementing these measures will require a coordinated effort from the government, industry stakeholders, and various institutions. Regular assessment and adaptation of strategies based on changing global dynamics will also be crucial for sustained export growth.

Sources- THE HINDU, PIB