Commerce Ministry Convenes Stakeholders' Meet Over SEZ Issues On June 30
The government has set up a 17-member committee to suggest larger reforms in the policy for these zones. It is undertaking a background study focused on the harmonisation of various prevalent export promotion schemes, including SEZs, export-oriented units (EoUs), manufacturing and other operations in warehouses, advance authorisation (AA), export promotion for capital goods, and duty free import authorisation (DFIA)
New Delhi: The commerce ministry has convened a meeting of stakeholders on June 30 to discuss issues related to special economic zones (SEZs), including reforms aimed at harmonising export promotion schemes and easing business operations in the enclaves. The meeting will focus on issues related to the harmonisation of export promotion schemes and SEZ reforms, according to an official.
The issues which are expected to figure in the deliberations include INR payment for SEZS to domestic tariff area (DTA) services; job work by units of these zones for DTA without linkage to exports, import substitution, reforms in the free trade warehousing zones, and further promoting ease of doing business in these enclaves.
The government has set up a 17-member committee to suggest larger reforms in the policy for these zones. It is undertaking a background study focused on the harmonisation of various prevalent export promotion schemes, including SEZs, export-oriented units (EoUs), manufacturing and other operations in warehouses, advance authorisation (AA), export promotion for capital goods, and duty free import authorisation (DFIA).
The committee is expected to submit a concept paper recommending a roadmap for broad-based and comprehensive reforms to formulate a SEZ 2.0 policy. The move is also important as when the SEZ law was formulated in 2005, Indian trade policy was different, and now the situation has changed due to global developments.
Meanwhile, an official also said that the board of trade (BoT), chaired by commerce minister Piyush Goyal is scheduled to meet on July 3 to leverage benefits from recent trade pacts and to discuss strategies for accelerating the country’s exports. The BoT includes participants from various states, Union territories, and senior officials from the public and private sectors.
The BoT’s priority is likely to focus on India’s recent free trade agreements (FTAs) with Mauritius, Australia, the UAE, Oman, and the four-nation European EFTA bloc. India has also signed a pact with the UK, which will come into force on July 15 and the trade pact with the 27-nation EU is expected to be signed by the end of this year and may come into force next year.
