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Union Commerce Minister unveils new Foreign Trade Policy

27
Aug '09
The Union Minister of Commerce and Industry, Shri Anand Sharma addressing a Press Conference to announce the Foreign Trade Policy, in New Delhi.
The Union Minister of Commerce and Industry, Shri Anand Sharma releasing the Foreign Trade Policy, at a Press Conference, in New Delhi on 27 August, 2009.

Speech of Minister of Commerce & Industry : This comes at a challenging time as the entire world is facing an unprecedented economic slowdown. This year we are witnessing one of the most severe global recessions in the post-war period and countries across the world have been affected in varying degrees. Major economic indicators of industrial production, trade capital flows, unemployment, per capita investment and consumption have taken a hit.

Trade Policy Highlights:
1. Incentive schemes under Chapter 3 have been expanded by way of addition of new products and markets.

2. 26 new markets have been added under Focus Market Scheme.These include 16 new markets in Latin America and 10 in Asia-Oceania.

3. The incentive available under Focus Market Scheme(FMS) has been raised from 2.5% to 3%.

4. The incentive available under Focus Product Scheme (FPS) has been raised from 1.25% to 2%.

5. A large number of products from various sectors have been included for benefits under FPS. These include, Engineering products (agricultural machinery, parts of trailers, sewing machines, hand tools, garden tools, musical instruments, clocks and watches, railway locomotives etc.), Plastic (value added products), Jute and Sisal products, Technical Textiles, Green Technology products (wind mills, wind turbines, electric operated vehicles etc.), Project goods, vegetable textiles and certain Electronic items.

6. Market Linked Focus Product Scheme (MLFPS) has been greatly expanded by inclusion of products classified under as many as 153 ITC(HS) Codes at 4 digit level. Some major products include; Pharmaceuticals, Synthetic textile fabrics, value added rubber products, value added plastic goods, textile madeups, knitted and crocheted fabrics, glass products, certain iron and steel products and certain articles of aluminium among others. Benefits to these products will be provided, if exports are made to 13 identified markets (Algeria, Egypt, Kenya, Nigeria, South Africa, Tanzania, Brazil, Mexico, Ukraine, Vietnam, Cambodia, Australia and New Zealand).

7. MLFPS benefits also extended for export to additional new markets for certain products. These products include auto components, motor cars, bicycle and its parts, and apparels among others.

8. A common simplified application form has been introduced for taking benefits under FPS, FMS, MLFPS and VKGUY.

9. Higher allocation for Market Development Assistance (MDA) and Market Access Initiative (MAI) schemes is being provided.

For more details click here.

Press Information Bureau


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