New Trade Connect e-Platform for Exporters: Everything You Need to Know

Described as the “ChatGPT for exporters” by the Commerce Ministry, the newly launched Trade Connect e-Platform is a groundbreaking digital initiative aimed at boosting India’s export targets. The platform is a critical part of India’s effort to achieve $1 trillion in merchandise exports and $1 trillion in services exports by 2030.

In FY24, India’s total exports, including merchandise and services, saw a modest growth of 0.36% to $776.68 billion, up from $776.40 billion in FY23. While merchandise exports dropped to $437.06 billion from $451.07 billion, services exports grew to $339.62 billion from $325.33 billion during the same period.

Launched by Commerce Minister Piyush Goyal on September 11, this “futuristic” platform focuses on empowering MSME exporters, helping India enhance its global market share. Developed in collaboration with the Ministry of MSME, EXIM Bank, TCS, Department of Financial Services (DFS), and the Ministry of External Affairs (MEA), the Trade Connect e-Platform serves as a single-window initiative that streamlines the entire export process under one roof.

Exporters can apply for the Certificate of Origin (CoO) through the portal, a document that certifies the origin of goods in a shipment. Exporters can also manage their CoO wallet on the platform. The portal provides comprehensive information about global demand, international standards, buyer information, required certifications for different markets, and export-import statistics to help exporters analyze trends and discover new markets.

Exporters can also explore global trade events, understand free trade agreements, and connect with over 180 officials from Indian missions abroad, along with representatives from more than 600 export promotion councils and industry experts. The portal hosts a directory of Indian exporters, offering a resource for businesses worldwide looking to source products from India.

With over 12 lakh registered users and more than 872 CoO issued as of the time of this report, the Trade Connect e-Platform has already made significant strides in connecting Indian exporters with global opportunities. Commerce Minister Goyal emphasized the potential of the platform to create synergies, allowing it to integrate with the Open Network for Digital Commerce (ONDC) and the Government e-Marketplace (GeM). This will provide Indian suppliers with broader market access and boost competitiveness.

The platform is set to evolve further with its 2.0 version, scheduled for release in 2025, which will include Hindi and other official languages, based on user feedback.

The launch of the Trade Connect e-Platform is particularly important for MSMEs, as their share of exports continues to recover. According to government data, MSME exports accounted for 45.73% of India’s total exports in FY24, rebounding from previous declines. The Interest Equalisation Scheme (IES) has also been extended for MSME manufacturing exporters until September 30, offering support for pre- and post-shipment export credit.

With India’s global export share at 1.8% for goods and 4.9% for services in FY24, the platform is expected to play a crucial role in driving growth, particularly in sectors like IT/software services and business services.

Disclaimer: The information provided in this article is based on news updates and reports gathered from various internet sources. While every effort has been made to ensure the accuracy and reliability of the information, we encourage readers to verify the details independently before making any decisions.