Government Boosts Exporters with Funding for International Approvals

The government is offering financial support to micro and small exporters to help them meet international regulations like REACH and CBAM in Europe. Through the Export Promotion Mission, exporters can receive partial reimbursements for certification expenses. This initiative aims to enhance global competitiveness and expand market access.

The government is stepping in to support micro and small exporters by providing significant funding to cover costs associated with obtaining international approvals. This initiative is part of the Rs 25,060 crore Export Promotion Mission, aimed at helping exporters meet stringent international regulations such as Europe's REACH and CBAM.

Under the mission's Trade Regulations, Accreditation and Compliance Enablement (TRACE) measure, exporters can receive up to 75% reimbursement for certification-related expenses, with an annual cap of Rs 25 lakh per IEC. This financial aid will help exporters navigate non-tariff barriers and tap into new markets by reducing compliance costs.

Commerce and Industry Minister Piyush Goyal emphasized the importance of international approval processes to boost shipments and highlighted the role of the recently finalized free trade agreements with countries including the EU, New Zealand, and the UK. The move is expected to help India reach an export target of USD 2 trillion in goods and services within the next 6-7 years.

(With inputs from agencies.)