Red Sea crisis: Meet next week to assess impact of Red Sea crisis on India’s trade

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An inter-ministerial group comprising senior officials from the departments of commerce and financial services, and ministries of defence, external affairs, and ports, shipping and waterways will meet next week to assess the impact of the Red Sea crisis on India’s trade and thrash out a strategy to minimise impact.

Officials are looking at the possibility of diverting some inventories to Australia and other countries to minimise this impact. The commerce and industry ministry has already had consultations with stakeholders on the issue on January 4 when traders, shippers, container firms and freight forwarders said that freight and insurance costs had increased because of the longer route leading to higher turnaround time.

New Delhi’s exports to Europe, the east coast of the US and Latin America are facing problems. “We are doing this inter-ministerial consultation meeting based on that stakeholder consultation on what measures can be taken to deal with the issue,” said an official.



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