FIEO Hails RELIEF Initiative To Support Exporters Amid Middle East Crisis

(MENAFN- IANS) New Delhi, March 19 (IANS) The Federation of Indian Export Organisations (FIEO) on Thursday welcomed the government's timely announcement of the RELIEF (Resilience and Logistics Intervention for Export Facilitation) initiative under the Export Promotion Mission, aimed at supporting exporters impacted by the ongoing disruptions in West Asia maritime trade routes.

Recent developments around the Strait of Hormuz and the wider Gulf region have led to significant challenges including vessel diversions, increased transit time, congestion at transshipment hubs and steep increases in freight and insurance costs.

These disruptions have created considerable uncertainty for Indian exporters, particularly those with exposure to the region.

Welcoming the intervention, S.C. Ralhan, President, FIEO, said that the government's swift response reflects its strong commitment to safeguarding India's export interests and ensuring continuity of trade flows in the face of global uncertainties.

FIEO particularly appreciated the comprehensive design of the RELIEF package, which addresses the needs of exporters across different stages of the export cycle - enhanced risk protection, support for upcoming shipments and relief for MSME exporters.

The provision for a dedicated financial outlay and a real-time monitoring mechanism is expected to ensure transparency and timely disbursement of benefits.

FIEO President stated that the RELIEF initiative will go a long way in somewhat mitigating the immediate impact of logistics disruptions.

The Federation also reaffirmed its commitment to work closely with the Government and stakeholders to ensure effective dissemination and smooth implementation of the scheme, and to continue providing feedback from the exporting community.

ECGC Ltd (Formerly Export Credit Guarantee Corporation of India Ltd.), wholly-owned by Ministry of Commerce and Industry, has been designated as the nodal and implementing agency responsible for verification, claim processing, disbursement and monitoring, according to an official statement.

The RELIEF intervention has three complementary components covering consignments destined to countries in the region such as United Arab Emirates, Saudi Arabia, Kuwait, Israel, Qatar, Oman, Bahrain, Iraq, Iran and Yemen, meant either for delivery or for transshipment.

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