World Trade Center in association with Export Promotion Council
for EOUs and SEZs conducted a virtual session “Understanding Foreign
Trade Policy 2023”. Mr. K.M. Harilal ITS, Joint director General of
Foreign Trade, Kochi was the keynote speaker. Mr. Krishna Barad,
Partner/ Customs & International Trade, Indirect Tax and Mr. Karthik
Mani, Partner – Indirect Tax, BDO India gave detailed presentations on
the new FTP.
Mr K.M. Harilal ITS highlighted the major changes in the current
Foreign Trade Policy – transition from a subsidy-based regime to a
remission-based regime; a consolidated handbook of procedure that
contains clear information on the free trade agreement, certificate of
origin, tariff rates etc; SCOMET have been formally introduced;
elaboration of previously existing schemes like district export hub,
CQCTD. He also mentioned that the FTP does not have an end date as
opposed to previous policies. The amnesty scheme for exporters who had
taken EPCG but were unable to meet the requirements and obligations is
also added into the policy. There has been a fee reduction for MSMEs to
INR 5000. He added that the national ambition is to target exports at 2
trillion USD.
Mr. Krishna Barad spoke about the trade dispute with WTO due to which
programs like MEIS were replaced. He elaborated on the changes brought
about by FTP 2023. He also covered the SCOMET scheme, its background,
guidelines and the material exports that come under it.
Mr. Karthik Mani spoke in detail about the impact of the new policy
on export oriented units, electronics hardware technology parks,
software technology parks and biotechnology parks. He also shared
information on a few schemes that aims to promote cross border trade in
digital economy.
Mr. Vivek George, World Trade Center delivered the Welcome address. Mr. K.K. Pillai, Regional Chairman, EPCES also spoke.
