Sitharaman emphasises the need for efficient and fair flow of services.
The Dollar Business BureauCommerce and Industry Minister Nirmala Sitharaman on Thursday outlined the significance of facilitating the trade in services on the lines of trade in goods. “Access to market is not facilitation but it is an issue,” she said while inaugurating the Workshop facilitating trade in services organised by the World Bank Group in association with the Department of Commerce, Ministry of Commerce and Industry in New Delhi on Thursday. The Minister also emphasised on the need for a fair and efficient flow of services in order to promote foreign trade in services. “Knowledge has become a factor of production and it is important to know how to handle it,” Sitharaman said. In February, India, with a view to ...
US implements trade preference programme with Nepal
The Dollar Business Bureau (Sourced from PTI) The US has started implementing a trade preference programme for Nepal under which different types of products that meet eligibility criteria will be imported duty-free from the Himalayan nation.The Nepal Preference Programme is authorised for ten years and designed to help Nepal's economic recovery from the earthquakes that struck the country in 2015, according to a statement by the US Embassy here.Trade Facilitation and Trade Enforcement Act of 2015, which was signed by US President Barack Obama yesterday, will provide duty-free treatment for dozens of types of imports from Nepal that meet specific eligibility criteria, including certain types of carpets, headgear, shawls, scarves, and travel goods, the statement said."The program grants duty-free tariff benefits ...
High-level committee meet to discuss trade facilitation
Other issues include promotion of online platform for trading, easing approval mechanisms through creation of paperless and contact-free approval environment for export and import clearances The Dollar Business Bureau The committee includes Director General of Foreign Trade, Chairman of the Central Board of Direct Taxes and representatives from Railway Board, Airport Authority of India and shipping, as its members. Concerned over the countrys export downtrend, top government officials representing various Ministries are meeting on Tuesday to discuss ways to ease the business environment in the country. According to sources, the high-level meeting chaired by Rita Teaotia, Secretary, Ministry of Commerce, is likely to witness deliberations on issues related to fast-track clearances for traders among other issues related to facilitation of trade. Other issues under ...
Review of Accredited Clients Programme (ACP)
Dated 22nd December, 2014 | Copy of | Circular No.18/2014-customs | Attention is invited to Board’s Circular No.42/2005-Cus. dated 24.11.2005 and Circular No.29/2010-Cus dated 20.08.2010 on the Accredited Clients Programme (ACP). 2. Board has received a number of representations from the ACP clients whose ACP status has either been withdrawn or not extended on account of them having been served a show cause notice in terms of the amended para 7(iii) of the said Circular dated 24.11.2005. Board observes that on account of such withdrawal or non-extension of the ACP status, the imports of the affected ACP clients are no longer facilitated which reduces the overall facilitation levels. This matter was also discussed during the All India Conference of Chief ...
Foreign Trade Policy missing from Commerce Ministrys achievements in 2014
The Dollar Business Bureau In its year-end review, India’s Ministry of Commerce (MoC) has listed out several points, including the triumph in the World Trade Organisation (WTO), but the export-import community would be disappointed that the list neither contains the New Foreign Trade Policy (now wrongly called the 2014-2019 FTP) nor has any timeline for its announcement. All that the MoC says is that intensive discussions are underway with the Department of Revenue to finalise the new FTP 2014-19. In its efforts to involve states in India’s foreign trade, the MoC has sent a matrix to all State Governments, of which six States have finalised their export strategy and three have already appointed Export Commissioners. Among the MoC’s ...
Is there hope for SAARC? Experts say yes
Sisir Pradhan | The Dollar Business Once the most open and freely journeyed region, South Asia’s borders today are barriers to trade, says Prof. V. Balakista Reddy, Coordinator, M.K. Nambyar SAARC Law Centre Almost all the eight members of the South Asian Association for Regional Cooperation (SAARC) share a common heritage, history and geography. They also used to have in place a strong trade base centuries ago, but things have changed. Today, SAARC is perhaps the weakest block in the world both politically and economically. Constant disputes between India and Pakistan overshadow everything, including prosperity and growth of the region. Take a look at the figures. Intra-regional trade in SAARC, which stands at around $314 billion is much lower compared to ...
Indias new FTP to focus on transparency, trade facilitation: DGFT
Neha Dewan | The Dollar Business Pravir Kumar, Director General of Foreign Trade (DGFT), India, has said that the new Foreign Trade Policy (FTP) will aim to implement the government’s long term vision of providing transparency in both export and import, and improve trade facilitation. The Federation of Indian Chambers of Commerce & Industry (FICCI) held a round table on “India’s Foreign Trade Policy” in New Delhi last week to convey industry recommendations on the new FTP. Speaking at the conference, the DGFT said that the upcoming FTP will focus on trade facilitation, simplifying procedures as well as streamlining the various channels between bureaucrats and the industry. “The Indian Government recognises the importance of trade for growth of economy ...
Failure to sign TFA at SAARC is disappointing: CII
Neha Dewan | @TheDollarBiz India's Prime Minister Narendra Modi along with the SAARC leaders, during the 18th SAARC Summit, in Dhulikhel, Nepal, on November 27, 2014. (Pic. source - PMO, India) The Confederation of Indian Industry (CII) has said that it is disappointing that several Trade Facilitation Agreements could not be signed at the 18th SAARC Summit that concluded yesterday. CII has welcomed Prime Minister Narendra Modi’s suggestions for a 3-5 year business traveller card for SAARC nationals and the Special Purpose Facility for financing regional infrastructure. However, it said that other agreements could help reduce trade barriers and trade cost significantly within the region. CII said that the SAARC Motor Vehicle Agreement for the regulation of passenger and cargo ...
