Kolkata: Engineering exports body EEPC India says it wants to work with the government in identifying new opportunities emerging out of the new global trade paradigm marked by tariff war between the US and China.
"There are both opportunities and challenges. We can increase our engagement with the US as also China, seeking to occupy the markets which would be vacated in the midst of the ongoing tariff increases by the two top economies," EEPC India Chairman Ravi Sehgal said.
EEPC Tuesday said India is responding well to the rising trade tensions between the world's two largest economies and is maintaining a stance that serves the cause of Indian exporters best.
Sehgal said with pressure on the rupee in the wake of hardening of crude oil prices, bridging the trade deficit is of great significance for India's overall current account deficit.
"The best way forward for bridging the gap is to raise exports and moving with a definite strategy. While the commerce ministry has already begun exercise on this strategy, we in the engineering sector would extend our full support," he said.
It said the focus should be on value addition and increasing the competitiveness of exporters, which can be achieved by straightening some of procedural issues for tax refunds and customs clearances.
EEPC India also called for both medium -to-long term strategy as also the short term game plan.