On April 26th, AMCHAM organized a session on ‘Understanding India’s Foreign Trade Policy’ with Mr. Suresh Nair, Indirect Tax Partner and Tax Lead for Life Science and Chemical, EY India as part of the Western Region Thought Leadership Series in Mumbai. The session was conducted in hybrid mode and commenced with brief opening remarks by Ms. Iram Siddique, Regional Director – Western Region, AMCHAM. Mr. Hitesh Sharma, Western Region Executive Committee Member, AMCHAM and Partner, National Leader – Life Science, EY welcomed participants and set the stage for the session. In an interactive dialogue, Mr. Nair shared the context in which the Foreign Trade Policy, 2023 was announced by Commerce Minister Mr. Piyush Goyal and the factors that affected the government’s policy. He pointed out on how the Foreign Trade Policy was not only dynamic but also responsive to the emerging trade scenario which aimed to have wider engagement with states, districts and promote exports from the grassroot level. Mr. Nair delved into the focus on e-commerce exports by way of streamline processes to enable ease for exports to grow in the e-commerce space. He emphasized on Dak Ghar Niryat Kendras as operations throughout the country and would work in a hub-and-spoke model with Foreign Post Offices (FPOs) to facilitate cross-border e-commerce, thus enabling artisans, weavers, craftsmen, MSMEs in the hinterland and land-locked regions to reach international markets. There was further discussion on how the policy looks at sector specific targets to achieve the goal of $1 trillion merchandise exports by 2030 and adopts a consultative mechanism to resolve issues of trade and industry. In a boost for the manufacturing sector, Mr. Nair spoke on how the mega integrated textile region and apparel scheme (PM MITRA) has been made eligible to claim benefits under CSP (common service provider) scheme of EPCG. He also highlighted how exporters would now be eligible for reduced export obligation requirement under the EPCG scheme with the same benefit being extended to LED lights of various kinds. Throughout the session and during the Q&A segment, Mr. Nair addressed questions raised by participants. The session concluded with a vote of thanks by AMCHAM.
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