Commerce Ministry Has Unveiled The Draft Export Policy

The Union Ministry of Commerce has released a comprehensive draft export policy with an aim to boost exports from the country.

In-Detail:

• The draft details export policy for all ITC (HS) tariff codes including goods that are free to export.
• The exercise is done in consultation with partner government agencies.
• It covers all the export conditions/restrictions imposed by partner government agencies.
• Adopted by India for import-export operations, the ITC-HS Codes are Indian Trade Clarification based on Harmonised System of Coding.
• As per the system, every product will be given an eight-digit HS code.
• The ITC-HS Codes will aid an exporter in understanding the norms and policy restrictions against a particular product.
• The Directorate General of Foreign Trade (DGFT) which released the draft had said that the exercise is not to change the existing export policy but to consolidate the norms.
• The draft includes all the updated norms, notifications, public notices issues in the year 2018.
• It also includes non-tariff regulations imposed by various government agencies.

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Conclusion :

• The move is expected to benefit all the exporters by becoming a ready reckoner related to norms and conditions.
• It will also help in digitization.