TPCI suggests sops for SEZs in next foreign trade policy

18 Feb '21

2 min read

Pic: Shutterstock

The Trade Promotion Council of India (TPCI) recently recommended the commerce ministry to announce measures like incentives for special economic zones (SEZs) in the next foreign trade policy (FTP) to boost exports. FTP (2020-25) is under formulation by the ministry. SEZs contribute significantly to exports and employment generation in the country, it said.

TPCI said there is a pressing need to allow certain tax incentives in line with the global practice to the exports to Domestic Tariff Area to ensure survival of SEZs and their contribution to exports.

It also suggested a separate nodal agency that could be one-point contact of all queries related to uncleared or rejected Indian shipments across global markets. This will facilitate in solving the consignment problems that currently seem to get procrastinated, it added.

The council also said escrow services must be included as the exports services domain, and this should be subject to the agreed terms and conditions between buyer and seller through secured platforms, according to a news agency report.

The other recommendations include CODEX standards may be implemented as a benchmark for domestic standards as it will reduce the probability of rejections of consignments.

Fibre2Fashion News Desk (DS)

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