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tion) norms. India is a Member of WTO, which frames norms for global trade,
since 1995.
Goyal also said sectors and products under RoDTEP scheme will be noti-
fied in a phased manner and the MEIS benefits for those sectors and items will be
withdrawn.
This scheme was announced by Sitharaman in her Budget Speech on
February 1. Goyal said with the rolling out of this new scheme, the Merchandise
Export Incentive Scheme (MEIS) will be “phased out”. It is proposed to digitally
refund to exporters, duties and taxes levied at the Centre, State and local levels.
Goyal said duties/taxes/levies not refunded in any other scheme will be
refunded under this new scheme. The move assumes significance as a WTO dis-
pute resolution panel has ruled that MEIS was not in compliance with the global
trade norms.
[Source : Times of India, New Delhi, dated 14-3-2020]

Commerce Ministry calls meeting of stakeholders on March
16 on new Foreign Trade Policy
Commerce and Industry Ministry has called a meeting of all stakehold-
ers on 9-3-2020 to discuss issues related to the forthcoming Foreign Trade Policy
(FTP) for 2020-25. The meeting will be attended by industry chambers and ex-
porters from various sectors such as Textiles, Chemicals, Agriculture, Capital
goods, Electronics, Engineering, Pharmaceuticals, Leather, Higher Education,
Hospitality, E-commerce, and Entertainment.
All exports and import-related activities are governed by the Foreign
Trade Policy, which is mainly aimed at enhancing the country’s exports and use
trade expansion as an effective instrument of economic growth and employment
generation.
The meeting assumes significance as the Commerce Ministry is likely to
soon come out with the Policy for the next five Financial Years 2020-25. The va-
lidity for the old one will end on March 31, 2020.
The new Policy could focus on simplifying procedures for exporters and
importers besides providing incentives to boost outbound shipments.
The Ministry’s arm Directorate General of Foreign Trade (DGFT) is for-
mulating the policy.
Currently, tax benefits are provided under the Merchandise Export from
India Scheme (MEIS) for goods and Services Export from India Scheme (SEIS).
In the new policy, changes are expected in the incentives given to goods
as the current Export Promotion Schemes are challenged in the World Trade
Organization.
[Source : http://newsonair.com, dated 12-3-2020]

Exporters seek duty reduction, logistics support from
Centre
Industry and exporters bodies on 12-3-2020 sought logistics support and

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