NAFTA Region (North
American Free Trade Area) accounted for more than 20% share
and registered a growth of nearly 75% in engineering exports
from India during 2001-02. This was indicated in INDO-NAFTA
Business Meet, which was organised by Engineering Export Promotion
Council (EEPC) here today. In his inaugural address Shri D.K.Mittal,
Joint Secretary, Ministry of Commerce & Industry, emphasised
the need to focus on specialized products to increase their
share in this market. Shri Satish K. Dhanda, Chairman, EEPC
was present at the meeting along with several Indian and Overseas
delegates.
During the meeting
Shri Dhanda said that NAFTA Region had assumed a significant
position in Indian engineering exports and Free Trade Agreement
amongst the three countries i.e. Canada, USA and Mexico, provided
enormous opportunities for bilateral trade. Among the manufactured
exports from India, engineering sector has shown a spectacular
dynamism with the exports registering an increase from US$ 10.84
million in 1956-57 to about US$ 6 billion in 2001-02. The EEPC
is aiming at achieving a target of US $ 6.65 billion by the
year 2002-03. The percentage share of NAFTA in total exports
is 16.88% in 2001-02.
The potential product
sectors identified in the Meet consisted of Aluminum and products,
automotive parts and components, Food Processing machinery,
Railway rolling stocks, textile and jute machinery, machine
tools, industrial castings, scientific and surgical instruments.
Leading items of export from India to USA includes Primary Iron
and Steel, Complete vehicle, Ferrous Hollowware whereas leading
export items to Mexico consists of Auto parts, bicycle and parts,
primary iron and steel.
