Moneycontrol
Mar 08, 2016 10:50 AM IST | Source: PTI

Govt panel to meet today on ways to fast-track exports

The committee would deliberate on facilitating implementation of measures for fast tracking the regime for export and import clearances besides other trade facilitation steps, an official said.

Govt panel to meet today on ways to fast-track exports

Concerned over continuous decline in exports, a committee of top officials including from commerce and shipping ministries will meet today to discuss ways to fast-track clearance processes and improve ease of doing business to boost shipments.


The meeting will be chaired by Commerce Secretary Rita Teaotia.


The committee would deliberate on facilitating implementation of measures for fast tracking the regime for export and import clearances besides other trade facilitation steps, an official said.


It would also work on ways to expedite the progress of e-trade and its various components like creating paperless and contact free approval environment for export and import clearances.


The committee to facilitate trading across borders and fast tracking of export import clearances was constituted last month by the Prime Minister's Office.


Its other members include Central Board of Excise and Customs chairman, Director General of Foreign Trade, representative of Railway Board, shipping and Airport Authority of India.


"This is the first meeting of the committee," the official added.


Fast tracking clearance procedures promotes ease of doing business for traders which in turn helps reducing transactions cost for exporters and importers both.


Exporters body Federation of Indian Export Organisations (FIEO) said that reduction in transactions cost would certainly help in boosting exports.


In terms of trading across borders, India ranked at 133rd out of 189 economies, according to the World Bank's report on ease of doing business.


Exports dipped for the 14th month in a row, down 13.6 percent in January to USD 21 billion due to fall in shipments of petroleum and engineering goods, although trade deficit showed improvement.

Imports shrank 11 percent to USD 28.71 billion last month, resulting in a trade deficit of USD 7.63 billion, lowest in eleven months.

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