Trade Policy Current Affairs - 2019
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Bangladesh cabinet meeting chaired by Prime Minister Sheikh Hasina has approved the revised India-Bangladesh trade agreement.
The revised agreement will facilitate both countries to use each other’s land and water routes for trade with a third country and remove long standing barrier in regional trade.
With this Bangladesh will be able to use Indian railways, roads and waterways in transshipment of goods to Bhutan and Nepal. While, India will be able to send goods to Myanmar through Bangladesh.
Under the modified deal both countries will be able to use transport networks for transporting the goods for a fee. These fees and charges for transporting goods will be the same for both the countries and will be fixed through bilateral discussions.
The deal will be in force for 5 years instead of the existing tenure of 3 years, and further can amended through mutual agreement.
At present, India has similar agreement with Nepal and Bhutan but Bangladesh’s trade with Nepal and Bhutan was hindered for want of such a treaty with India.
Previously, trucks from Nepal and Bhutan entering from Bangladesh along the Indian border were required to park at a specific point near border. But under the revised deal, trucks from Nepal and Bhutan will enter Bangladesh through the Indian corridors.
Union Government has unveiled new Foreign Trade Policy (FTP) to make India an exporting powerhouse in the next five years.
The new trade policy will incorporate government ambitious initiatives such as Make in India, Digital India mission, Skill India programme, ease of business in order to boost jobs and take India’s exports to 900 billion dollars by 2020.
The goals of the new policy will be achieved by simplifying complex procedures, addressing infrastructural bottlenecks and eliminating manufacturing hurdles.
Focus areas of the new FTP are
- Labour intensive sectors to generate more employment.
- Boosting to environment-friendly products.
- High tech value addition.
- Involving skill India programme to promote entrepreneurship.
- Moving towards branding of products.
- Incentives for units located in SEZs.
- Making the life of traders easier.
- FTP also takes into consideration e-commerce. Under the new policy, India’s nascent, e-commerce sector would also be extended sops.
- The new trade policy will be based on two new schemes- Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SIES). Under these two schemes, government has merged all earlier export promotion schemes.
- MEIS is for export of specified goods in specified markets with the rate of rewards range from 2 to 5%. SIES is for increasing exports of notified services and the selected services will be rewarded at the rates of 3 to 5%.
- The new also move towards paperless working. In this regard, a facility has been created to upload documents in exporter/ importer profile in order to avoid need of repeatedly submitting documents.