Bengaluru: The industry expects the upcoming foreign trade policy to strengthen trade facilitation measures, provide a simpler duty exemption regime and reintroduce a government service export promotion regime. export earnings, as “education, healthcare, financial and tourism services hold immense potential to increase India’s share in global services exports”. The one-year foreign trade policy is expected to be announced on September 30. “The next Foreign Trade Policy (FTP) should be key in defining the strategy for India to capture a significant share of the global economic system in the context of the changing global supply. – Chains, trade and investment dynamics, said Pradeep Multani, President, PHDCCI.The industry body has been pushing for the identification and promotion of potential products from specific districts.He also suggested a simpler duty exemption modeled on the IGCR (import of goods at a preferential rate of duty) under Section 25 of the Customs Act, where self-declaration is invoked with some supervision.” If this is difficult, PHDCCI had suggested and given a detailed presentation for the simplification of the current duty exemption scheme itself where details of exports and imports do not need to be given at the beginning. This will simplify the process and could greatly help the country’s manufacturers to compete internationally,” Multani added. He also expects the discontinued services export incentive scheme to be reformed to cater for specific sectors like travel and tourism, as well as those that provide services in host countries against international competition such as construction, etc. 1.5% to offset upstream taxes on pharmaceuticals and promote local manufacturing. “The new foreign trade policy should lay out strategies to diversify our export product portfolio in terms of more countries and also in terms of more products, where India has core competence,” Multani said. We believe that the new Foreign Trade Policy (2022-2027) will give new impetus by addressing the critical areas that need utmost attention to make India’s foreign trade more competitive, Multani added.
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