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FTA -may not lead to trade deficits
Senior officials from the Union Ministry of Commerce and Industry on Thursday sought to allay apprehensions that Free Trade Agreements could lead to trade deficits for India. In a seminar on ‘India’s Engagement with FTAs’ here, the officials said that with tariff barriers coming down all over, India had no choice but to push for trade pacts
Now Online IE
Exporters and importers will now be able to apply online for their new Importer Exporter Codes (IEC) instead of physically submitting papers and making payments at various offices. IEC is a unique 10-digit code given to exporters and importers by the DGFT without which they are not allowed to carry out international trade unless given special exemption.
Ignoring US demand, India to continue sops for textile exporters
In a major relief for textile exporters struggling to maintain their share in an uncertain global market, India has decided to continue with export sops for the sector in the new fiscal and, probably, the following two years as well. This is despite the US demanding that such incentives be done away with immediately.