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World


Govt will soon bring in export credit scheme: Goyal

Govt will soon bring in export credit scheme: Goyal

Davos, Jan 24 (UNI) The government will soon bring a new export financing scheme to help banks to lend, Commerce Minister Piyush Goyal said.

"We are very soon bringing a new scheme for export financing, where we are backstopping any losses that exports could lead to for banks, up to the extent of 90 per cent. With that, the banks do not need too much capital and are much more confident to lend," Goyal said at the World Economic Forum in Davos.

He met WTO Director-General Roberto Azevedo and discussed various challenges in the multilateral trading system.

He conveyed India preparedness "to engage in reforms aimed at bringing inclusivity, transparency and non-discrimination."

While speaking about India's trade relations, he said India is working with different countries to see how it can bring back more equitable balance in trade terms.

About the so-called US-China trade war, Goyal said, "If America is trying to bring back some more balance in their economic relations and trade with China, it is something that all countries will have to reflect on."

The minister also had a series of meetings with his counterparts from Singapore, Indonesia, South Africa and EU.

With Singapore Minister-in-Charge of Trade Relations, S Iswaran, he discussed ways to further enhancing and establishing sustainable trade ties between the two countries.

With Agus Suparmanto of Indonesia, Goyal discussed mutual concerns on market access issues and exchanged ideas to further strengthen bilateral trade relations and economic partnership.

He meet South Africa's Trade and Industry Minister Ebrahim Patel and sought expanding trade and investment ties through closer cooperation to achieve mutual economic growth and prosperity.

Goyal also met European Union Commissioner for Trade Phil Hogan discussed the vast potential to grow economic and investment ties manifold for mutual advantage.

UNI SRJ

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