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Target new mkts for auto exports: govt

India needs to enter into trade agreements with identified thrust markets to push auto and auto component exports, said a strategy paper released by the commerce ministry on Wednesday.

autos Updated: Apr 28, 2010 23:11 IST
HT Correspondent

India needs to enter into trade agreements with identified thrust markets to push auto and auto component exports, said a strategy paper released by the commerce ministry on Wednesday.

Commerce Secretary Rahul Khullar, who released the report, said that in the light of the recession in the developed world and narrow focus of India’s auto vehicle exports, it is necessary to target newer markets where India’s presence is low. “The success of past trade agreements has been limited due to the restrictive nature of preferential trade agreements.”

The paper was commissioned by the Engineering Export Promotion Council (EEPC) of India and carried out by consulting firm Ernst & Young.

The Free Trade Agreement with the Association of South East Asian Nations, and comprehensive economic partnership agreements with Korea and Singapore are steps in the right direction, he said.

The auto and auto component industry accounts for around 18 per cent of the country’s total engineering exports.