Speaking at a meeting with members of engineering exporters' body Engineering Export Promotion Council, Rajeev Kher, Union Commerce Secretary said the Indian exporters must explore new territories to diversify from traditional markets like European Union and USA.
Africa, he said, had huge potential and those into merchandise exports Indians should cash in on this opportunity. China was also a huge market while new opportunities were coming up in southeast Asian countries, he added.
He also mentioned some forward-looking markets like Peru, Colombia and Chile while saying that countries like Vietnam, Cambodia and Laos were ignored by Indian exporters.
On the Trans-Pacific Partnership Agreement (TPP), he said India was not prepared at this stage to handle it as countries like Malaysia, Vietnam would have preference at India's cost.
Kher said Indian exporters must diversify from traditional markets like European Union and USA to handle trade shocks and ensure long-term sustainability. After recording positive growth for seven consecutive months, India's exports contracted 3.67 percent in February to $25.68 billion. For the April-February period, exports were up 4.79 percent to $282.7 billion.