Home / Knowledge / News / Apparel/Garments / TEA welcomes Foreign Trade Policy announcements
TEA welcomes Foreign Trade Policy announcements
05
Jun '12
Shri Anand Sharma, Hon'ble Union Minister of Commerce, Industry and Textiles unveiled Foreign Trade Policy announced Annual Supplement 2012-13 of FTP 2009-14.

While welcoming the measures announced in the Foreign Trade Policy Dr. A. Sakthivel President of Tirupur Exporters' Association (TEA) said that this is the first time all the requirements of garment sector have been addressed in the Policy and specifically thanked Shri. Anand Sharma, Hon'ble Union Minister of Commerce, Industry and Textiles for these positive measures.

Dr. Sakthivel was happy to note the extension of 2% interest subvention to Readymade Garments upto 31st March 2013 will be a relief to the Tirupur knitwear exporters as the Bank interest rate has now gone up to 11.5% – 1 3.5%.

Dr. Sakthivel appreciated for extension of Market Linked Focus Product Scheme for export to USA & EU and mentioned this measure will be helpful to increase the competitiveness and sustain in these markets.

Dr. Sakthivel welcomed the extension of Zero Duty EPCG Scheme upto 31st March 2013 and enlargement the scope of zero duty EPCG scheme to the applicants availed loan under TUF scheme and was happy to note the decision of extending the benefit of Zero Duty EPCG scheme to Status Holder Incentive Scrip applicants.

The exporters will opt for newly introduced post export EPCG scheme as this will give the benefit of reduction of transaction cost and also export obligation.

Dr. Sakthivel mentioned the major EDI initiative, “e-BRC” launched by DGFT is significant one as this will reduce the transaction cost to the exporters. He noted that “e-BRC” would herald electronic transmission of Foreign Exchange Realization from the respective Banks to the DGFT's server on a daily basis. Exporter will not be required to make any request to bank for issuance of Bank Export and Realization Certificate (BRC).

This will establish a seamless EDI connectivity amongst DGFT, Banks and Exporters. “e-BRC” would facilitate early settlement and release of FTP incentives / entitlements.

Dr. A. Sakthivel said he has sent thanks letter immediately after the announcement of Supplement 2012-13 to Shri.Anand Sharma, Hon'ble Union Minister of Commerce and Industry & Textiles.

Dr. A. Sakthivel said he has also sent thanks letter to Shri. S. R. Rao, I.A.S., Commerce Secretary, Dr. Anup K Pujari, I.A.S., Director General of Foreign Trade, Smt. Kiran Dhingra, I.A.S., Textile Secretary and Shri. V. Srinivas, I.A.S., Joint Secretary.

Tirupur Exporters' Association (TEA)


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