India Strengthens Global Trade Position with New Initiatives

The Indian Government is implementing strategic measures to enhance domestic capabilities and global trade partnerships. Key initiatives include the Foreign Trade Policy, Export Facilitation Centres, and various export promotion schemes, aiming to establish India as a reliable trade partner by boosting exports and attracting investments.

In a bid to bolster economic resilience and global market integration, the Indian Government has unveiled a series of strategic initiatives. Among these is the Foreign Trade Policy, set to take effect on April 1, 2023, which aspires to enhance India's trade competitiveness and cement its status as a dependable global partner.

To facilitate exports, particularly among MSMEs, 65 Export Facilitation Centres have been established nationwide. Several schemes, including the Rebate of State and Central Levies and Taxes (RoSCTL) and the Remission of Duties and Taxes on Exported Products (RoDTEP), support export sectors through financial allocations and duty rebates, further broadening their market appeal.

The government has also introduced a Common Digital Platform for Certificate of Origin and launched the Districts as Export Hubs initiative. These efforts aim to streamline trade processes, foster local manufacturing, and identify district-level export products. Additionally, India is actively engaged in negotiations to expand its Free Trade Agreements, enhancing the country's external trade ties.

(With inputs from agencies.)