Trade Connect: A Comprehensive Way to Engage in International Trade

17th January 2024: In a significant move to enhance the involvement of Micro, Small, and Medium Enterprises (MSME) and startups in the export sector, Union Commerce Minister Piyush Goyal has announced the forthcoming launch of the Trade Connect ePlatform. The platform, set to be available within the next three to four months, aims to facilitate increased participation of small and medium traders in exports.

The Trade Connect ePlatform serves as an intermediary, connecting Indian exporters and entrepreneurs with various stakeholders in international trade. The initiative addresses the challenge faced by MSME traders in accessing crucial information and opportunities due to limited knowledge about the export mechanism. The platform is designed to provide comprehensive information on export promotion activities, including contact details of resource persons.

Minister Goyal made the announcement during the second meeting of the reconstituted Board of Trade (BOT) at Bharat Mandapam. The BOT, formed by merging the Council for Trade Development and Promotion, advises the government on trade-related policy measures. During the meeting, Goyal emphasized the need to internationalize goods and services to enhance product quality and boost the economy's size.

Goyal underscored the importance of making exports a people's movement, urging all key stakeholders—states, the Center, and the industry—to play an equal role in accelerating export growth. The BOT meeting centered on reviewing export performance to achieve the ambitious $2 trillion export target by 2030. Discussions also covered priorities outlined in the new Foreign Trade Policy (FTP) 2023 and strategies to foster export growth.

Arun Kumar Garodia, Chairman of the Engineering Export Promotion Council (EEPC), proposed key suggestions during the meeting. These included connecting waterways with ports, expanding the export parity price scheme to include more steel products, and bringing steel under the purview of the remission of duties and taxes on exported products (RoDTEP).

Recent data from the Commerce Ministry indicates a positive trend in India's goods trade, with exports witnessing a rise in December. The goods deficit narrowed by approximately 4% compared to November. Although services exports experienced a slight decline, remaining higher than imports, the merchandise trade deficit also decreased in December. This reduction was attributed to increased exports in electronic goods, drugs and pharmaceuticals, and iron-ore.

The Trade Connect ePlatform is poised to play a pivotal role in furthering India's export goals by providing a comprehensive and accessible platform for MSMEs, startups, and small traders to engage in international trade.