West Asia exports get enhanced cover till Mar 2027
Indian export shipments destined for West Asia will retain enhanced insurance coverage against buyer payment defaults until March 31, 2027, as per an official notification. This expanded protection, provided through credit risk insurance from Export Credit Guarantee Corporation (ECGC), was initially set to lapse for shipments to the region after September 30, 2023.
The eligibility for the upgraded coverage, under Component II of the Export Promotion Mission (EPM) Resilience and Logistics Intervention for Export Facilitation (RELIEF) program, has been extended until the end of March 2027, according to the Directorate General of Foreign Trade (DGFT) in a notification. The initiative aims to support Indian exporters and alleviate logistics challenges arising from the ongoing West Asia crisis.
Component II of the EPM RELIEF intervention offers exporters shipping to the Gulf, West Asia, and North Africa regions credit insurance backing. Launched on March 19, 2023, the enhanced risk protection under the EPM's RELIEF scheme enables exporters to secure up to 95 percent credit risk coverage, exceeding the standard 85 to 90 percent range.
The government bears the additional cost for this enhanced safeguard, and it applies to cargo transshipped through West Asian ports.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
