World Trade Expo: India has USD 117bn untapped potential

India stands poised to unlock an estimated USD 117 billion in untapped export potential as the upcoming World Trade Expo 2024 spotlights trade and investment opportunities across 30 countries and regions.

The flagship event organised by the World Trade Center Mumbai and the All India Association of Industries (AIAI), is set to take place from October 17-18, at the Arcade, Expo Center, WTC Mumbai.

The fifth edition of the World Trade Expo will be inaugurated by HE CP Radhakrishnan, Governor of Maharashtra, who will serve as the Chief Guest and deliver the keynote address on the theme “Innovation for Sustainability with Focus on Green and Renewable Energy.”

The inaugural session will also feature Ajay Shankar, Former Secretary, DIPP, Government of India, and Distinguished Fellow at The Energy and Resources Institute (TERI).

In the afternoon, a dedicated session on “Green & Renewable Energy” will be held, where Hardeep Singh Puri, Minister for Petroleum and Natural Gas, Government of India, will deliver the keynote address.

The Expo will bring together ambassadors and trade missions from various regions, including the Americas, Europe, Africa, and Asia.

Collectively, these regions account for 28 per cent of India’s total merchandise trade, 35 per cent of its exports, and 24 per cent of its imports. In the fiscal year 2024, India registered a trade deficit exceeding USD 10 billion with these regions.

These countries play a critical role in India’s supply of ores, minerals, semiconductors, electronic spare parts, coal, and agro-commodities such as edible oils, underscoring their significance in India’s energy, mineral, and food security.

India’s untapped export potential with the participating countries spans sectors such as textiles, pharmaceuticals, chemicals, automobiles, machinery, and more.

The United States offers the most substantial opportunity, with an estimated USD 46 billion in untapped export potential in sectors including gems and jewelry, pharmaceuticals, and automotive components.

Key commodities with high export potential include diamonds, agro-chemicals, iron and steel, and motor vehicles.

India’s existing trade agreements with many participating countries, such as Malaysia, Sri Lanka, South Korea, and Mauritius, and its agreements with ASEAN nations like Indonesia, Vietnam, and Thailand, provide a strong foundation for expanding trade relations.

The Expo will also highlight the trade potential with Norway, a member of the European Free Trade Association (EFTA), with whom India signed a trade agreement earlier this year.

Strategic collaboration opportunities in semiconductors and electronics exist with nations such as Vietnam, Malaysia, and South Korea. Meanwhile, emerging African economies, including Ghana, Ethiopia, Kenya, Uganda, and South Africa, present promising business prospects in manufacturing, agriculture, and services.

A special roundtable with African diplomats from Zimbabwe, Uganda, Ghana, Egypt, Ethiopia, and South Africa will be a highlight, discussing new areas of cooperation in food security, energy, sustainable development, space science, digital economy, education, and skill development.

The discussion will also focus on leveraging the African Continental Free Trade Area (AfCFTA) for Indian businesses.

Vijay Kalantri, Chairman, WTC Mumbai and President- All India Association of Industries (AIAI) said, “At a time when India’s merchandise exports have been falling consecutively for the last two months due to disruption in global trading routes, this Expo will be a promising platform for Indian MSMEs, startups and large companies to explore alternative markets for trade and investment.”

He added, “Alongside trade and investment, the Expo will also discuss collaboration with the participating countries in emerging areas such as green energy, gender equality, skill development, climate-smart technologies, capacity building of MSMEs and start-ups.”

India’s merchandise exports had previously risen for three months since April but saw a 1.8 per cent decline in July and a 9.3 per cent drop in August due to geopolitical tensions, disrupted trading routes, and rising freight charges.

Rupa Naik, Executive Director of WTC Mumbai, said, “We have received overwhelming response from developing and developed countries who are looking at India to diversify their trade and investment. With around 30 prominent countries participating in this Expo, I am confident that this will open new market opportunities for our MSMEs, women entrepreneurs, startups and even large corporates.”

The two-day Expo will feature exhibitions, high-impact country presentations, an African Ambassadors’ Roundtable, B2B and B2G networking sessions, and cultural programs. (ANI)