Govt to fund major EU compliance costs for small exporters: Piyush Goyal

Piyush Goyal says the government will fund key compliance costs for small exporters needing EU approvals under CBAM and REACH, as India expands trade deals and targets $2 trn exports

Commerce and Industry Minister Piyush Goyal on Monday said that the government will fund a large part of the costs small exporters incur to obtain international approvals for complying with the European Union’s (EU’s) regulations, including the carbon border adjustment mechanism (CBAM) and registration, evaluation, authorisation and restriction of chemicals (REACH).

 

He encouraged industry to seek support under the recently launched interventions under the Export Promotion Mission (EPM) for international approvals, compliance requirements and non-tariff barriers in the bloc.

 

“In the Export Promotion Mission, we have provided funds so that wherever you require international approvals, particularly for micro and small units, the government will fund your approval process, however expensive it is,” the minister said while addressing the first National Quality Conclave.

 

Highlighting India’s expanding trade outreach, Goyal said that nine Free Trade Agreements (FTAs) finalised in the past few years with 38 developed countries now cover nearly two-thirds of global GDP and trade. These agreements open new opportunities in labour-intensive sectors such as textiles, leather, footwear and pharmaceuticals, provided Indian products consistently meet the highest global benchmarks. Since last year, India has finalised trade deals with the United Kingdom (UK), New Zealand, Oman, the EU and the United States (US).

 

He reiterated that India’s current share in global trade remains modest, even in competitive and labour-intensive sectors, and urged industry to leverage new market access opportunities created through these agreements.

 

He also said that no country can progress merely as a consumer and must establish itself as a globally recognised producer of high-quality goods and services. He emphasised that Brand India must stand for quality, reliability and trust.

 

India will be able to achieve the USD 2 trillion exports target of goods and services in the next six to seven years. Earlier it was targeted to be achieved by 2030. “This year also, our exports are on the growth trajectory. In the first two weeks (February 1-14), we have seen double-digit growth in our exports,” he added.