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Trade Connect ePlatform being setup to connect Indian Exporters & MSMEs: MoS

By TIOL News Service

NEW DELHI, AUG 07, 2024: THE Government has initiated the creation of Trade Connect ePlatform to connect Indian Exporters, MSMEs and Entrepreneurs with various stakeholders including Indian Missions Abroad, Export Promotion Councils, and other Partner Government Agencies. The platform will provide information on trade events taking place in different parts of the world, benefits available due to India's Free Trade Agreements (FTAs) and other international trade related information and data.

The details of various steps taken by the Ministry to promote Indian Exports are as under:

i. New Foreign Trade Policy was launched on 31st March 2023 and came into effect from 1st April 2023.

ii. Interest Equalization Scheme on pre and post shipment rupee export credit has also been extended up to 31-08-2024 with additional allocation of Rs. 2500 crores.

iii. Assistance provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme.

iv. Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour oriented sector export has been implemented since 07.03.2019.

v. Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since 01.01.2021. With effect from 15.12.2022, uncovered sectors like pharmaceuticals, organic and inorganic chemicals and articles of iron and steel have been covered under RoDTEP. Similarly, anomalies in 432 tariff lines have been addressed and the corrected rates have been implemented with effect from 16.01.2023. RoDTEP is also available for exports from SEZ units/EOUs and Advance Authorisation holders currently.

vi. Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters. The same will be revamped and moved to Trade Connect ePlatform.

vii. Districts as an Export Hubs initiative has been launched by identifying products with export potential in each district, addressing bottlenecks for exporting these products and supporting local exporters/manufacturers to generate employment in the district.

viii. Active role of Indian missions abroad towards promoting India's trade, tourism, technology, and investment goals has been enhanced.

ix. Regular monitoring of export performance with Commercial Missions abroad, Export Promotion Councils, Commodity Boards/ Authorities and Industry Associations and taking corrective measures from time to time.

x. Free Trade Agreements have been signed with important partner countries to open new markets for Indian exports.

This information has been provided by the Union Minister of State for Commerce and Industry, Jitin Prasada in a written reply in the Lok Sabha yesterday.

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