Published On : 22-Dec-2021
The health of a country’s economy is determined by the export readiness of its traders. Throughout independent India, government after government has brought out export promotion schemes to propel India into global trade success. From duty exemption, remissions, Export Promotion Councils to the Merchandise Exports from India Scheme (MEIS) and the Service Export from India Scheme (SEIS), the Indian government has left no stone unturned to transform India into an economic powerhouse.
But perhaps the most helpful of these initiatives is the buyers and sellers list curated by Indian embassies and consulates situated in countries around the world. Besides, embassy offices also assist traders with many other factors crucial to the import or export of a product. With 199 missions and posts working tirelessly around the world, India’s robust diplomatic network can boost a trader’s chances of business success.
Read on to find out more about the role of Indian embassies in the import-export procedure.
For an import-export unit just starting, business processes and compliance requirements can be exceedingly tiresome. Add to that, the troubles of finding a buyer or a seller in another nation with no prior contact. That’s where the Indian embassy steps in.
By approaching the Indian embassy in any nation, an import-export firm can access a directory of buyers and sellers to trade with. Embassies have specific representatives to help Indian traders access crucial information. With their help, traders can learn about companies, agents or corporations that are likely to place orders.
Additionally, embassies also have important information on market factors, schemes to promote export and import, market and trends research.
In case a trader wants access to a product-specific trading partner, the relevant Export Promotion Councils can be contacted to find a repository of overseas partners.
Indian traders can also contact an embassy to decipher the operational, financial and legal health of an overseas business partner. One simply needs to send an email to the embassy asking them to begin verification. Embassies are usually in direct communication with the government of the home country that gives them access to confidential data that an individual firm wouldn’t, otherwise, be able to get a hold of. Working through an embassy also gives a trader the confidence to go through with a deal. Certain details are required to access the verification. The same can be found on the embassy’s website.
Whenever an Indian firm finds itself defrauded by an import-export partner, the issue can be resolved by the embassy in the country overseas. The embassy will contact that commerce ministry or relevant body of that country to find legal recourse. The complaint can be easily lodged online and be tracked further through convenient means.
Indian embassies and missions across the world save traders at home a lot of toil and expense. In the past, a trader would have to incur monumental travel and operational costs to buy or sell products overseas. But with the advent of cheap data and the Indian government’s support, our export community can make India a truly global economy.
Access a vast repository of embassy and foreign trade data at Cybex.in, your one-stop import-export trading partner. Reach us at [email protected] or call (+911204517800) or WhatsApp (+9971093718)
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