Indian exporters are better positioned to deal with the additional US tariffs as compared to their competitors, who are facing much higher import duties in America, sources said on Saturday. They added that sectors that could get impacted, like shrimp, need to explore new markets such as the European Union to push their shipments.
"India has emerged as a winner in the reciprocal tariffs imposed by the US," sources said, adding that India has the first mover advantage as it is negotiating a bilateral trade agreement with America.
While the US has imposed an additional 26% import duty on India, its competitor Vietnam is facing 46% tariff, China 34%, and Indonesia 32%, and Thailand 36%.
The sources also said the commerce ministry is reaching out to domestic exporters regarding these tariffs. Work is progressing to prepare the export promotion mission for extending support measures to exporters.
They also said India has protected its dairy sector in all the free trade agreements and it will continue to do so.
The US-China trade war will also help Indian exporters to increase their shipments.
"The government is there to protect domestic industry from any possibility of dumping of goods in such a situation," they said.
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