Foreign Trade Policy 2014-19 (FTP 2014-19) delayed

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Update on 01st April, 2015: 

Click here to read  Foreign Trade Policy of India 2015-20

 

 

 

Update on 30th March, 2015:  New Foreign Trade Policy 2015-20 is being announced on 1st April, 2015

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Delay in announcement of new Foreign Trade Policy 2014-19 (FTP 2014-19)

December 01, 2014

Foreign Trade Policy 2014-19 of India is delayed to announce for past eight months.

It is fact that exporters are un able to take long term decisions on exports and imports as new Foreign Trade Policy 2014-19 of India yet to be released. According to authorities, this Foreign Trade Policy would be “different” compared to previous Trade Policies of India. I hope, the new foreign trade policy 2014-19 might be designed based on latest issues on Trade Facilitation Agreement and Food security bills of World Trade Organization (WTO) – Bali package.

Tax incentives and export promotion schemes might be finalized on the basis of latest trade developments with WTO, bilateral and unilateral discussion with different countries worldwide.

The exporters are worried whether their export products attracts export promotion benefits or not in new Foreign Trade Policy 2014-19. The delay in releasing Foreign Trade Policy also results in costing of export products while contracting new bulk orders for long term shipment schedule.

The Foreign Trade Policy 2014-19 of India was likely to be announced in April, 2014 which is delayed for the past 8 months. I hope, after General Agreement on Tariff and Trade (GATT) 1995 followed by globalization, TRIPS and TRIMS, we can expect a ‘different’ Foreign Trade Policy 2014-19 of India.

Exporters have already expressed their concerns over the long eight months delay in declaring Foreign Trade Policy 2014-19. However, such delay in declaring Foreign Trade Policy 2014-2019 could be because of changes in new Union Government and the latest developments on Trade Facilitation Agreement of WTO Bali package and latest economic scenario. Simplification of customs procedures and formalities and reduction of paper work would be an advantage of new foreign trade policy 2014-19, official said.

Some of the export incentives enjoyed by different exporters from Foreign Trade Policy 2009-2014 are Focus Market Scheme (FMS), VKGUY, SFIS, DFIA, Advance Authorization Scheme (AAS), Focus Product Scheme (FPS), Market Linked Focus Product Scrip (MLFPS), Status Reward Scheme (SRS), Export Promotion Capital Goods (EPCG) etc. The exporters are un able to go ahead with long term export plans as they are not sure on availing those incentives and promotion schemes in new Foreign Trade Policy 2014-19.

Let us hope, the Ministry of Finance and Ministry of Commerce will take a final decision on different export promotion schemes and tax incentives by announcing Foreign Trade Policy 2014-19 ( FTP 2014-19 ) at the earliest.

 

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Also read : Trade Facilitation agreement (TFA) and India

Indian Commerce Minister’s speech about TFA and India Indian Commerce Minister’s speech about TFA and India

 


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