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Commerce Ministry Plans 100-Day Action Strategy To Boost Trade And Exports

Updated: Jun 13, 2024 03:08:12pm

Commerce Ministry Plans 100-Day Action Strategy To Boost Trade And Exports

New Delhi, Jun 13 (KNN) The Commerce Department of India is formulating a comprehensive 100-day action plan aimed at boosting the country's trade and export capabilities, according to senior government officials.

One major element under consideration is allowing special economic zones (SEZs) to sell goods in the domestic market upon payment of applicable duties, reported ET.

This would address a longstanding demand from SEZs to promote value addition within these zones.

Another key proposal is the launch of a ‘Trade Connect e-Platform’ to serve as a centralized information hub for exporters. The platform would provide data on non-tariff barriers, product identification for exports, updated tariff schedules, and clarity on benefits available under India's existing free trade agreements (FTAs).

Officials state the e-Platform will be modelled after similar successful initiatives pioneered by the United States and Australia.

The 100-day agenda is also set to focus on developing standard operating procedures to streamline and bring efficiency to India's process of negotiating new free trade agreements.

This assumes significance as India has signed several new FTAs since 2021, including pacts with Mauritius, the UAE, Australia and the European Free Trade Association. Moreover, negotiations are ongoing for potential trade agreements with the UK and European Union.

To facilitate growth in ecommerce exports, which are currently valued at around USD 1.5 billion annually, the department is weighing the establishment of dedicated ecommerce export zones.

These zones would serve as aggregation hubs, aiming to capitalise on projections that global cross-border ecommerce could reach USD 800 billion by 2025 and USD 2 trillion by 2030.

The proposals under the 100-day plan come as Commerce and Industry Minister Piyush Goyal begins his second term leading the ministry.

A key goal outlined is driving India's combined goods and services exports to USD 2 trillion by 2030, building on the all-time high of USD 778.2 billion achieved in the fiscal year 2023-2024 – a marginal 0.23 per cent increase over the prior year. Officials state the 100-day initiative stems from Minister Goyal seeking innovative ideas and suggestions from stakeholders within the Commerce Department to bolster India's trade and export performance.

(KNN Bureau)


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