Uptick in exports likely from now, says Union Commerce Secretary

Union Commerce Secretary Rita Teaotia on Tuesday said she expects an uptick in India's exports from here on wards even though the outcomes would be contingent on several other things that happen in the world.

"We have begun to see the growing of markets that we ourselves have and our policies are beginning to kick in. We are seeing the last two months actually narrowing of margins of export slowdown and see slight marginal increase in several commodities. We hope that we have turned the coroner," Teaotia told reporters on the sidelines of a lecture programme where she spoke on the implications of India's current trade agreements.

India's exports have been on a downhill drive for the last one-and-a-half years largely reflecting the global slowdown across the world besides being impacted by the commodity prices and devaluation of some currencies, according to her.

While maintaining that the trade deficit has been lower because the petroleum prices are lower, the Union Commerce Secretary, however, said the trade deficit was largely balanced due to inflow from services and remittances.

Responding to a question on the fate of negotiations on Free Trade Agreement with European Union, she said they have been holding the stock taking meetings for the last six months in a bid to revive the negotiations.

"We will have to re-calibrate our position. We have said this earlier also, Because lines of our interest may modify. Lines of EU interests will also modify. So both of us need to assess our positions, but we are certainly interested to engage with EU as well as with England," Teaotia said.

On efforts at further increasing the exports and investments, she said country also need to put its house in order in terms of reducing the transaction costs, improving logistics services and putting in place legal and regulatory framework and creatingconditions for ease of doing business.

Earlier delivering a lecture at the Administrative Staff College of India, Rita Teaotia said the trade agreements should have all the three elements, namely goods, services and investments to achieve a balance of trade with other countries.