Kolkata: India’s apex engineering exports promotion body, EEPC India, has called for eliminating non-tariff barriers and establishing smooth payment mechanisms in national currencies among BRICS nations to boost intra-bloc trade.
EEPC India Chairman Pankaj Chadha said around 75 per cent of exporters’ problems could be addressed by simplifying trade regulations and ensuring efficient payment systems.
Chadha urged BRICS members to move from discussions to implementation by creating a common agreement on non-tariff barriers and adopting a set of shared standards to facilitate cross-border trade.
“While we have been discussing this for a while now, it is time to move to its execution,” he said.
Chadha noted that non-tariff measures, including regulatory requirements and product standards, often add greater costs and complexity to exports than tariffs, making simpler procedures between trading partners necessary.
According to EEPC India, BRICS accounts for nearly one-fourth of global trade, and removing regulatory hurdles could increase the bloc’s share of cross-border commerce.
Engineering goods, which constitute nearly 27 per cent of India’s total merchandise exports based on the latest official data, could benefit significantly. Brazil, China, Indonesia, Saudi Arabia and South Africa are key destinations for Indian engineering exports.
A payment mechanism using individual national currencies could make cross-border settlements faster and more predictable. India is currently hosting the BRICS Summit.
