New foreign trade policy Probably coming month; concentrate one-commerce exports, capitals
The government is likely to release coming month the new foreign trade policy with a focus on boosting eCommerce exports and developing sections as import hubs.
The commerce department is working on a policy that may detail ways to reduce the compliance burden on small exporters and fund MSMEs to increase exports. It may also seek to make proper categorization of products that are at present conjoined as” others”, as this system leads to misclassification and duty elision, thereby adding to the growing trade deficiency.
” We’re working on ways to grease e-commerce exports through the policy,” said a functionary, adding that the policy could be put in place by the end of the coming month.
Attention is likely to be given to MSME exports as well as developing sections as import capitals. The policy comes amid India’s import growth decelerating. Goods exports rose2.14 from a year before to $36.27 billion in July, indeed as the trade deficiency nearly tripled to $ 30 billion.
In financial 2022, India’s outbound shipments were a record$421.8 billion. The government aims to take the value to $ 1 trillion by 2030.
The commerce department is in consultations with stakeholders to integrate global markets through bilateral trading arrangements, government-to-government engagements, and making use of the multinational agreements of the World Trade Organization. Product and country strategies are also being bandied to diversify India’s import products.
Exporters have sought a separate chapter on e-commerce in the policy that would matriculate all the import benefits available to the sector that should be at par with conventional exports.
“We’ve suggested setting up an integrated demesne for cross-border e-commerce,” said Ajay Sahai, director-general of the Federation of Indian Export Organisations.
similar premises should give comprehensive installations similar to banks, fintech companies, foreign post services, courier outstations, logistics companies, storage, customs, and duty refund-all under a single marquee. Also, some space can be allocated for packaging and small operations.
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