Industry & Economy
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Foreign Trade
Ministry invites suggestions on foreign trade policy
K. R. Srivats
New Delhi
,
Jan. 17
THE Department of Commerce in the Commerce and Industry Ministry has commenced the exercise to formulate the annual foreign trade policy that is due for release in March/April this year.
Industry associations, export promotion councils and commodity boards have been asked to submit their suggestions on the various export promotion schemes and export-import procedures before January 24, official sources said.
The Foreign Trade Policy 2005-06 will be the first annual trade policy after the Union Commerce Minister, Mr Kamal Nath, had in August last year unveiled a Foreign Trade Policy for 2004-09.
The exporting community is hopeful that an appropriate replacement would be worked out for the duty entitlement passbook (DEPB) scheme, which currently serves 52 per cent of the country's exports value-wise.
The Government had in late October last year invited proposals from exporters for carrying out a detailed study on a new scheme that would replace the DEPB scheme.
Mr Kamal Nath had, however, in his foreign trade policy (2004-09) speech of August 31, 2004 assured exporters that the DEPB scheme would be continued until it gets replaced by a new scheme and that this scheme would be drawn up in consultation with exporters.
The Directorate-General of Foreign Trade (DGFT) had in October 2004 held that the new scheme should meet the genuine duty neutralisation needs of exporters and should offer "discernible" and "superior features" compared to the DEPB scheme.
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