Over 30 countries to explore $117 billion untapped export potential for India

Mumbai: Highlighting the $117 billion untapped export potential for India, more than 30 countries are set to participate in the fifth edition of ‘World Trade Expo’ in the financial capital from October 17-18.

India has untapped export potential with the participating countries in sectors such as textiles, pharmaceuticals, chemicals, automobiles and components, machineries, etc.

The US offers the maximum untapped export opportunity worth $46 billion in sectors such as gems and jewellery, pharmaceuticals, automobiles and components and machineries.

Diamond, agro-chemicals such as insecticides, iron and steel, jewellery and motor vehicles are some of the commodities with the highest export potential in most of these participating countries, according to the World Trade Center Mumbai and All India Association of Industries (AIAI), the organisers of the event. The event will showcase more than 30 countries and regions.

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri is expected to be the Chief Guest at a dedicated session on ‘Green and Renewable Energy’ at the event.

Ambassadors and trade missions from the participating countries and regions will showcase trade, investment, tourism, education and technology exchange potential in their countries.

The event will host developed and developing countries from Americas, Europe, Africa and Asia. These countries collectively account for 28 per cent of India’s total merchandise trade, 35 per cent of its merchandise exports, and 24 per cent of its imports.

In FY24, India recorded a trade deficit of over $10 billion with them. They are the key suppliers of ores and minerals, semiconductors, other electronic spare parts, coal, and agro-commodities such as edible oils, which underscores their significance in India’s energy, mineral and food security.

India has signed free trade agreements with many of these countries such as Malaysia, Sri Lanka, South Korea and Mauritius. Other participating countries such as Indonesia, Vietnam and Thailand are part of the 10-member ASEAN countries, with which India has a trade agreement.

Dr Vijay Kalantri, Chairman, WTC Mumbai and President of AIAI, said that alongside trade and investment, “the Expo will also discuss collaboration with the participating countries in emerging areas such as green energy, gender equality, skill development, climate-smart technologies, capacity building of MSMEs and startups”.

–IANS