New Delhi, July 4 (IANS): Union Commerce and Industry Minister Piyush Goyal on Saturday urged domestic toy manufacturers to leverage expanding global market access and target a tenfold increase in exports over the next four years, while assuring the industry that the government will retain mandatory quality standards. Addressing the 17th edition of the Toy Biz International B2B Expo, Goyal said the Quality Control Orders (QCOs) for toys would remain in force as they have improved product quality, curbed sub-standard imports and strengthened domestic manufacturing. “I can assure you that until I am there, no one will remove QCOs. QCO will be there. We will also protect you from unfair dumping from any nation,” the minister said. He also clarified that the transition mechanism introduced by the government was intended only to facilitate investments and scale up manufacturing for a limited period and would not dilute the existing quality regime.
The minister said India’s toy industry has made significant progress in recent years but still accounts for only 0.2-0.3 per cent of the estimated $120-billion global toy market. Highlighting that toy exports have increased by 239 per cent over the past four years, Goyal called on the industry to accelerate its overseas expansion by aiming for a tenfold rise in exports over the next four years. He also urged manufacturers to take advantage of India’s growing network of free trade agreements (FTAs), noting that nine agreements signed in the past three-and-a-half years have opened access to 38 countries. Goyal encouraged the industry to build stronger ties with retailers, supermarkets, e-commerce platforms and local businesses in FTA partner nations to strengthen the global presence of Indian toy brands. He further said the proposed India-New Zealand free trade agreement is expected to become operational this year, while negotiations with Canada, the Gulf Cooperation Council (GCC), Mexico and Brazil are progressing to further expand India’s export opportunities.