New Delhi, Jan 13 (NationPress) Commerce and Industry Minister Piyush Goyal on Tuesday provided an overview of the trade discussions with the EU in Brussels, alongside the launch of the Export Promotion Mission, summarizing the key highlights from his Ministry over the past 10 days.

"Engaged in a fruitful conversation with European Union Trade and Economic Security Commissioner Mr. Maros Sefcovic in Brussels. We extensively reviewed critical aspects regarding the proposed India-EU Free Trade Agreement (FTA). I also stressed the significance of finalizing a fair, balanced, and ambitious accord that reflects our mutual values, economic objectives, and commitment to a rules-based trading system," the minister shared.

He mentioned his visit to Liechtenstein, where he assessed the implementation of the India–EFTA Trade and Economic Partnership Agreement. "I also met with H.S.H. Hereditary Prince Alois and senior political leaders. I urged EFTA companies to engage more in significant trade and investment events in India and invited them to foster closer collaboration through business dialogues and delegations."

Moreover, the minister emphasized that as part of the initial rollout of the Export Promotion Mission, two significant initiatives under the NIRYAT PROTSAHAN sub-scheme have been introduced to bolster MSME exports and enhance access to trade financing. These measures aim to reduce export costs for MSMEs, improve their cash flow and liquidity, motivate them to explore new export markets, facilitate easier access to bank loans for MSME exporters, reduce their reliance on property or asset collateral, and stimulate export growth, particularly among smaller businesses.

The first initiative under the scheme focuses on interest subvention for pre- and post-shipment export credit, aimed at alleviating the expenses associated with export credit and mitigating working capital challenges faced by MSME exporters. This initiative will provide interest subvention on pre- and post-shipment rupee export credit offered by qualifying lending institutions. A base interest subvention of 2.75 percent has been established, with additional incentives available for exports to designated under-represented or emerging markets, contingent upon operational readiness.

The second initiative under Niryat Protsahan pertains to collateral support for export credit, designed to tackle challenges faced by MSME exporters and enhance their access to bank financing. Guarantee coverage of up to 85 percent will be available for Micro and Small exporters, while Medium exporters will benefit from coverage of up to 65 percent, with a maximum outstanding guaranteed exposure of Rs 10 crore per exporter within a financial year.