The fifth edition of the ‘World Trade Expo,’ set to take place in Mumbai from October 17-18, will showcase India’s untapped export potential of $117 billion. The event aims to explore new opportunities in key sectors such as textiles, pharmaceuticals, chemicals, automobiles and components, and machinery, with an emphasis on boosting trade between India and the participating countries.
The United States presents the largest untapped export opportunity for India, valued at $46 billion. Key sectors identified for this growth include gems and jewelry, pharmaceuticals, automobiles and components, and machinery, showcasing the vast possibilities for expanding trade with the US.
According to the World Trade Center Mumbai and the All India Association of Industries (AIAI), which are organizing the event, commodities like diamonds, agro-chemicals (insecticides), iron and steel, jewelry, and motor vehicles have the highest export potential across many of the participating countries. The expo will spotlight more than 30 countries and regions, underscoring the importance of these sectors in international trade relations.
A highlight of the event will be a dedicated session on ‘Green and Renewable Energy,’ with Union Minister for Petroleum and Natural Gas Hardeep Singh Puri expected to be the Chief Guest. This session will focus on India’s growing leadership in the renewable energy sector and explore partnerships in green technologies.
Representatives from the participating countries, including ambassadors and trade missions, will showcase various trade, investment, tourism, education, and technology exchange opportunities available in their respective nations. We anticipate the event to draw countries from the Americas, Europe, Africa, and Asia. These regions collectively account for 28% of India’s total merchandise trade, contributing 35% of its exports and 24% of its imports.
Despite this significant trade activity, India recorded a trade deficit exceeding $10 billion with these countries in FY24. The countries remain crucial suppliers of ores, minerals, semiconductors, electronic spare parts, coal, and agro-commodities, such as edible oils, emphasizing their strategic importance in India’s energy, mineral, and food security.
India has signed free trade agreements (FTAs) with several of these nations, including Malaysia, Sri Lanka, South Korea, and Mauritius. In addition, several participating countries, like Indonesia, Vietnam, and Thailand, are part of the ASEAN bloc, with which India also has a trade agreement that further facilitates trade and economic ties.
Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of AIAI, highlighted that beyond trade and investment, the Expo would focus on emerging areas of collaboration with these countries. He emphasized the importance of green energy, gender equality, skill development, climate-smart technologies, and capacity building for MSMEs and startups as key themes of the event.
This year’s World Trade Expo promises to be a vital platform for advancing India’s global trade objectives, fostering collaboration in innovative industries, and unlocking significant export potential across multiple sectors.
