On Wednesday, September 12,  the Government of India unveiled a trade portal offering a wide range of information on exports and imports, benefiting new and existing entrepreneurs.

The Trade Connect platform was created by the Ministry of Micro, Small & Medium Enterprises (MSME), EXIM Bank, TCS, the Department of Financial Services (DFS), and the Ministry of External Affairs (MEA).

Commerce and Industry Minister Piyush Goyal introduced the portal, stating that it would serve as a single point of access to various information, including customs duties, rules, and regulations. The portal aims to tackle information asymmetry by providing exporters comprehensive support and resources.

Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi mentioned that it will give exporters real-time access to critical trade-related information while connecting them smoothly to key government entities like the Indian Missions abroad, the Department of Commerce, Export Promotion Councils, and other trade experts.

He highlighted that the platform is designed to assist businesses throughout their export journey, regardless of whether they are experienced exporters or new entrants. Sarangi added that the second version will include services like banking, insurance, and logistics.

The platform will link more than 600,000 IEC (import-export code) holders, over 180 Indian Mission officials, over 600 Export Promotion Council Officials, and officials from DGFT, the Department of Commerce, and banks.

The information available on the platform will comprise customs duties and regulations by product and country, details about free trade agreements, trade-related services offered by different departments and agencies, non-tariff barriers, and information about global buyers and exhibitions.

Commerce and Industry Minister Piyush Goyal presented the portal, emphasizing that it would be a one-stop solution for various types of information, including customs duties, rules, and regulations. Goyal assured that the portal will be updated regularly, and input from stakeholders will help launch its second version in 2025.

He mentioned that global trade is facing challenges, but this is an effort to increase India’s worldwide market share. He also added that the portal will be available in regional languages.

Commerce Secretary Sunil Barthwal said that the platform will help both existing and aspiring exporters. He further added that, “It will be a ChatGPT for exporters… We want entrepreneurs to grow in the trade business. Unless and until, we have entrepreneurs, the dream of USD 2 trillion exports of goods and services (by 2030) will be difficult to achieve.” 

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