The possibility of export promotion schemes being relaxed in the new foreign trade policy

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New delhi date. October 21, 2019, Monday

The Ministry of Commerce is considering some export promotion schemes such as the EPCG to be more practical and easier in the next foreign trade policy. Foreign trade policy provides a guide and incentive to increase exports.

The Ministry of Commerce is holding discussions with each of the stakeholders in preparation of the new Foreign Trade Policy (1 to 5). The current foreign trade policy expires on March 7, an official from the Commerce Ministry said.

In addition to facilitating advanced authorization and self-certification schemes, the government is advocating for the inclusion of new standards for service sector and e-commerce exports.

EPCG is an export incentive scheme under which an exporter can import up to a certain amount of capital goods at zero duty. This can only be imported for the upgrade of technology related to export.

On the other hand, advance authorization is allowed to allow duty free import of raw materials. These raw materials have to be included in the production for export.

Advance Authorization Scheme is advocating for the extension of the export obligation period which is currently 6 months. For the export oriented units, the Ministry of Commerce is planning to formulate, regulate and bring the administration under the single control.


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