Eliminating non-tariff barriers can solve 75 pc of engineering exporters' issues: Industry
Engineering exporters' body on Sunday urged BRICS nations to eliminate non-tariff barriers and establish a smooth payment mechanism in national currencies to facilitate trade and address challenges faced by exporters.
According to the apex body EEPC India, this decision would reduce the industry’s problems by up to 75 per cent.
"Around 75 per cent of the problems faced by exporters can be solved by eliminating non-tariff barriers and having a smooth and efficient payment mechanism in individual national currencies," EEPC India Chairman Pankaj Chadha said.
He said a common agreement on non-tariff barriers among BRICS nations is the need of the hour.
"We can have a common agreement on non-tariff barriers between BRICS nations and agree to a set of standards. While we have been discussing this for a while now, it is time to move to its execution," Chadha said.
Non-tariff measures are widely considered to impose higher costs on exports than tariffs in many countries, underscoring the need to simplify regulatory procedures among trade partners.
With BRICS accounting for nearly one-fourth of global trade, reducing non-tariff barriers could further increase the bloc's share in international commerce, according to the industry.
Such trade facilitation measures are expected to particularly benefit India's engineering sector which remains one of the country's largest export segments.
According to the latest industry data, engineering goods contribute nearly 27 per cent of India's total merchandise exports. Among BRICS economies, key destinations for Indian engineering exports include Brazil, China, Indonesia, Saudi Arabia and South Africa.
In July, the nation’s engineering goods exports rose 18 per cent year-on-year to $12.24 billion despite geopolitical uncertainties and disruptions along key trade routes in West Asia.
In addition, the engineering exports stood at $10.40 billion in July 2025.
