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Foreign Trade Policy Review would be completed in time coincided with the launch of GST: Commerce Ministry

Updated: Jun 20, 2017 10:43:51am
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Foreign Trade Policy Review would be completed in time coincided with the launch of GST: Commerce Ministry

New Delhi, June 20 (KNN) Commerce Ministry has decided that Foreign Trade Policy Review would be completed in time coincided with the launch of GST, said Commerce Secretary Rita Teaotia addressing a press conference after the Board of Trade Meeting.

The second meeting of the 70-member Board of Trade (BoT), country’s top advisory board on trade, was held under the chairmanship of Commerce & Industry Minister Nirmala Sitharaman here today.

The top agendas for discussions during meeting were Foreign Trade Policy and GST.

DIPP Secretary Ramesh Abhishek, DGFT AK Bhalla along with other officials from the Department of Commerce were also present at the meeting.

On FTP review, Teaotia said that industry representatives, present at the meeting, acknowledged that exports have now made revival but have sought support to grow over the next few years.

She said many export promotion councils sought additional support  through MEIS Scheme, through interest subventions schemes and some other schemes under FTP.

Discussions over market access and market development along with need to extend additional support to export promotion councils in order to explore and develop newer markets were discussed.

Discussion over issues related to e-commerce reflected in the FTP, she said adding that many suggestions through which e-commerce can be facilitated have been taken note of by the Department.

Issues related to EXIM credit as well as insurance covered to exporters in order to enable them to access lower cost credit to facilitate exports was discussed.

The first meeting of the reconstituted BoT was held on April 6, 2016 in the national capital. The objective of BOT is to have continuous discussion and consultation with trade and industry.

The board was reconstituted last year and includes 19 members from industry and academia (non-official); 31 heads of trade and industry associations (ex-officio); and 20 top officials including 13 secretaries of the government of India, deputy governor of RBI, chairmen of railway board and National Highways Authority of India.

Apart from this, the director general of foreign trade is the member secretary of the board.

Industry bodies like FISME, FICCI, ASSOCHAM, CII are also the ex-officio members of the BOT.

Industry body FISME raised the issue of delay in drawbacks to the exporters from January till March of every year due to lack of funds with the government or other issues.

The industry body urged that in the upcoming regime, such challenges should be taken care of in order to help exports.

The non-official members include Apollo Tyres CMD Onkar Kanwar, Hero MotoCorp MD Pawan Munjal, ICICI Bank CMD Chanda Kochhar, Biocon MD Kiran Majumdar-Shaw, ITC Chairman YC Deveshwar and Ashok Leyland MD R Seshasayee among others. (KNN Bureau)

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