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FIEO welcomes Mid-Term Review of Foreign Trade Policy

 

Welcoming the Mid-Term Review of the Foreign Trade Policy 2015-20, Mr Ganesh Kumar Gupta, President, Federation of Indian Export Organisations (FIEO), said that the 2 per cent increase in the MEIS rates for labour-intensive sectors like leather, carpets, handicrafts, tools, marine, medical and scientific products and services such as accountancy, architecture, legal, education, hotels and restaurants will provide the much-needed respite to these sectors which were facing huge competition from other countries.

 

The trust-based system for the grant of Advance Authorisation for no norms cases for exporters registered as Authorised Economic Operators (AEOs) marks a new beginning of reliance on trade and will encourage exporters to apply for AEO status which facilitates speedy Customs clearance both in India and abroad, he said.

 

Mr Gupta said that the creation of a new Logistics Division in the Department of Commerce and decision to develop the National Logistics Information Portal for online logistics market players will go a long way in reducing logistics cost in India, which will also be supplemented by the initiative on Trade Facilitation Agreement and e-Way Bill introduction under GST.

 

FIEO complimented the Commerce and Industry Minister for adopting the twin strategy to promote new and sunrise sectors along with employment-intensive sectors. This will help the country to create substantial employment and, at the same time, put its imprint into new areas of exports.

 

The new Agricultural Export Policy, to provide stable and open exports for the long term, is the need of the hour, said the FIEO chief. India should take the lead in organic exports and encourage states to get them certified as organic, as has been done by Sikkim already.

 

Mr Gupta said that procedural simplification to replace IEC by PAN; increase in the validity of the scrips from 18 months to 24 months; reintroduction of ARO facility for supply against Advance Authorisation/EPCG/EOU; and relaxation in export of free of cost samples from 1 per cent to 2 per cent of average exports in preceding 3 years with a ceiling of Rs 2 crore would also mitigate the hardship of the exporters and the hassles related to compliances.

 

FIEO, however, suggested that the government should gradually extend the MEIS to other sectors of exports since they too face numerous challenges. A one-time relaxation to meet export obligations could be provided to the industry so that they can escape the penal provisions and get the opportunity to add to exports, a release said.

 

Source: Exim News Service - MUMBAI, Dec. 6

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