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Govt working on robust roadmap for export financing & insurance, says Commerce Minister


With an objective to deliberate on trade related issues and policy matters pertaining to exports from eastern India, an interactive session was organised under the aegis of FIEO with Mr Suresh Prabhu, Minister of Commerce and Industry and Civil Aviation on July 7, 2018. The session was attended by leading exporters from eastern India, Heads of Export Promotion Councils, Chambers of Commerce and other international trade related organisations. Senior officers from the Ministry of Commerce, DGFT, DGCIS, Chief Commissioner Customs, Chairman KOPT and other senior government officials were also present.


Mr Nari Kalwani, Regional Chairman of FIEO Eastern Region, said that trade restrictive measures, volatility in currencies and liquidity challenges were rising threats to India’s exporter community. He stressed on the need for streamlining infrastructure and logistics issues to boost exports from the eastern region. The issue of cargo detention at Indo-Bangladesh border due to infrastructural bottlenecks was a matter which should be taken up through bilateral discussion between the two countries. Further, he also raised the persistent issue of pending GST refunds of exporters.


Mr Ganesh Kumar Gupta, President, FIEO said that the government has taken proactive measures for gaining market access in China amidst rising protectionism in developed countries. The government has been taking firm measures to cement trade ties with Africa and Latin American countries to boost exports. He mentioned that the immediate target should be to further increase India’s exports by $ 100 billion in the coming two financial years. He also mentioned about a product-market export study wherein FIEO has identified 685 products at HS 6 digit, which India may export to potential countries, to boost its exports.


He urged the Minister to roll out E-wallet facility from October 1, 2018 and, more importantly, take trade and industry into confidence so that their concerns are addressed before the scheme is launched. The pre-import condition imposed on Advance Authorization should be immediately removed as it affects inventory management, besides impacting domestic procurement, he said.


Mr Suresh Prabhu said he was glad that the number of exporters was rising in India. In June 2018, there was a 20 per cent rise in India’s exports compared to the previous month. The government has taken a number of measures in few months to promote exports amidst rising protectionism. He also mentioned how India has taken a firm stand at the international level to emphasise on the role of WTO in resolving global trade disputes.


He stressed that the government of India is trying to work out a lot of bilateral trade agreements, especially with Latin American countries, Africa, CIS countries and the GCC countries. The UK is also eager to enter into a trade agreement with India post Brexit. The government is working on preparing a robust roadmap for export financing and insurance towards exports, he added, as per a release by FIEO Western Region.


Source: Exim News Service - Kolkata, July 11


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