SCI may run vessels to West Asia to help exporters

Freight and input cost and availability of container ships due to West Asia conflict were the two most prominent concerns shared at the meeting, with oil prices, petrochemicals, chemicals, plastics and cotton being flagged as segments, where govt intervention was sought. The textiles bodies, for instance, have demanded zero duty import of cotton, citing high market prices although in this case, the war in West Asia is strictly not the villain.An exporter alleged that Cotton Corporation of India liquidated stocks, which were picked up by a handful of players, who had jacked up prices and zero-duty imports could help offset that impact. The leather industry also has sought some concessions related to polyurethane.There were also suggestions to streamline some of the relief measures announced by govt. The commerce department has already stepped in to announce a wider insurance coverage for goods headed to West Asia, while the revenue department has eased norms for SEZ units selling in the domestic market.At Tuesday’s meeting, exporters also raised issues related to compliance costs, testing requirements and challenges faced by MSMEs in entering export markets. While promising all govt support, Goyal urged exporters and industry bodies to fully leverage India’s trade agreements with developed economies to expand market access, boost exports and create employment opportunities, noting that timely utilisation of these agreements is critical. Against goods exports of $860 billion, minister said it should act as a springboard to achieve $2 trillion exports by 2030.Goyal on Tuesday also announced a three-year waiver of application fee for intellectual property rights, such as patents, trademarks, and designs, related to the sports sector.