30+ countries to explore $117 bn untapped export potential for India

15 Oct 2024 CW Team

More than 30 countries are set to participate in the fifth edition of the 'World Trade Expo' in Mumbai from October 17-18, highlighting India's $117 billion untapped export potential.

The expo will focus on export opportunities in sectors such as textiles, pharmaceuticals, chemicals, automobiles and components, and machinery. The United States presents the largest untapped export opportunity, valued at $46 billion, particularly in gems and jewellery, pharmaceuticals, automobiles, and machinery.

Key commodities with significant export potential include diamonds, agro-chemicals (like insecticides), iron and steel, jewellery, and motor vehicles, as indicated by the World Trade Center Mumbai and the All India Association of Industries (AIAI), the event's organizers.

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

Ambassadors and trade missions from participating nations will showcase their potential in trade, investment, tourism, education, and technology exchange. The event will feature developed and developing countries from the Americas, Europe, Africa, and Asia, collectively representing 28% of India’s total merchandise trade, 35% of its exports, and 24% of its imports.

In FY24, India recorded a trade deficit of over $10 billion with these countries, which are key suppliers of ores, minerals, semiconductors, coal, and agro-commodities like edible oils, underscoring their importance to India’s energy, mineral, and food security.

India has established free trade agreements with several of these nations, including Malaysia, Sri Lanka, South Korea, and Mauritius. Additionally, countries such as Indonesia, Vietnam, and Thailand, part of the ASEAN group, also participate under a trade agreement with India.

Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of AIAI, emphasized that the expo will also address collaboration in emerging areas like green energy, gender equality, skill development, climate-smart technologies, and capacity building for MSMEs and startups.

More than 30 countries are set to participate in the fifth edition of the 'World Trade Expo' in Mumbai from October 17-18, highlighting India's $117 billion untapped export potential. The expo will focus on export opportunities in sectors such as textiles, pharmaceuticals, chemicals, automobiles and components, and machinery. The United States presents the largest untapped export opportunity, valued at $46 billion, particularly in gems and jewellery, pharmaceuticals, automobiles, and machinery. Key commodities with significant export potential include diamonds, agro-chemicals (like insecticides), iron and steel, jewellery, and motor vehicles, as indicated by the World Trade Center Mumbai and the All India Association of Industries (AIAI), the event's organizers. Union Minister for Petroleum and Natural Gas Hardeep Singh Puri is expected to be the Chief Guest at a session dedicated to 'Green and Renewable Energy' during the event. Ambassadors and trade missions from participating nations will showcase their potential in trade, investment, tourism, education, and technology exchange. The event will feature developed and developing countries from the Americas, Europe, Africa, and Asia, collectively representing 28% of India’s total merchandise trade, 35% of its exports, and 24% of its imports. In FY24, India recorded a trade deficit of over $10 billion with these countries, which are key suppliers of ores, minerals, semiconductors, coal, and agro-commodities like edible oils, underscoring their importance to India’s energy, mineral, and food security. India has established free trade agreements with several of these nations, including Malaysia, Sri Lanka, South Korea, and Mauritius. Additionally, countries such as Indonesia, Vietnam, and Thailand, part of the ASEAN group, also participate under a trade agreement with India. Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of AIAI, emphasized that the expo will also address collaboration in emerging areas like green energy, gender equality, skill development, climate-smart technologies, and capacity building for MSMEs and startups.

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