Noida, 5 April (IANS). The counter -duty (recipes) implemented by the US has created a stir in the global trade world. Its direct impact is on all major exporters including India. The handloom handicraft Exporters Welfare Association (HHEWA) believes that India can also create an opportunity for this industry with less tariffs on India than China and many other countries.
HHEWA is deeply studying the impact of this policy on Indian exporters. The organization, along with the Ministry of Commerce, EPCH (Exhibition Promotion Council for Handicrafts) and HEPC (Handicraft Export Promotion Council), has started discussions on the problems of exporters and their possible solutions.
HHEWA believes that this fee can be a challenge for Indian exporters on the one hand, on the other hand it can also provide a golden opportunity. The organization also believes that a positive solution to the issue is possible due to good relations between Prime Minister Narendra Modi and former US President Donald Trump. In 2024, India exported $ 87.40 billion to the US, while India imported $ 41.75 billion from America. America’s top 10 export products have precious gems, electronics, pharmaceuticals, mineral oil, machinery, textiles and garments among the US.
HHEWA has also highlighted that the 27 percent fee rate imposed on the country is lower than other competitive countries. For example, 34 percent on China, 46 percent on Vietnam, 37 percent on Bangladesh, 36 percent on Thailand and 32 percent on Indonesia. This is likely to give India a comparative benefit in the US in textile and apparel areas. Although Japan (24 percent), South Korea (25 percent), Malaysia (24 per cent) and Britain and Brazil (10 per cent) are low fees compared to India, these countries are not as big competitors of India in that consumer market in America.
The HHEWA says that the organization will continue to inspire exporters not only to fight these charges but also to search for new opportunities, while working under the vision of “developed India” and “the world’s third superpower” declared by the Prime Minister.
-IANS
PKT/Acade
