DGFT announces reconstitution of the Board of Trade under new Foreign Trade Policy

We are pleased to release a Tax Alert to provide an update on the Trade Notice No. 21/2015-2020 dated 23 March 2016, issued by the Directorate General of Foreign Trade, Ministry of Commerce & Industry.

Trade Notice No. 21/2015-2020 dated 23 March 2016 states that it has been decided to reconstitute the Board of Trade (BoT) as per the provisions given in Para 300 of Foreign Trade Policy Statement 2015-2020.
The BoT would inter alia, facilitate continuous discussion and consultation with trade and industry and advise the Government on policy measures related to Foreign Trade Policy in order to achieve the objective of boosting India’s trade.
Terms of Reference of the BoT shall be as follows:

To advise Government on Policy measures for preparation and implementation of both short term and long term plans for increasing exports in the light of emerging national and international economic scenarios;
To review export performance of various sectors, identify constraints and suggest industry specific measures to optimize export earnings;
To examine existing institutional framework for imports and exports and suggest practical measures for further streamlining to achieve desired objectives;
To review policy instruments and procedure for imports and exports and suggest steps to rationalize those for optimum use; and
To examine issues which are considered relevant for promotion of India’s foreign trade and for strengthening international competitiveness of Indian goods and services.

The composition of the BoT will be as follows:

Chairperson: Minister of Commerce & Industry
Member Secretary: Director General of Foreign Trade
Official Members: 13 Secretaries to Government of India, Deputy Governor of the RBI, Chairman of the Railway Board and NHAI, Chairman and MDs of ECGC and SBI, MDs of EXIM Bank and Container Corporation of India
Ex-officio Members: 31 Heads of various trade bodies/industry associations, export promotion councils and commodity boards
Non-Official Members: 19 Representatives from the industry and academia

The first meeting of the reconstituted BoT is scheduled to be held on 6 April 2016 (PIB Release dated 29 March 2016)

Comments

The BoT provides a window for the industry to communicate its needs and concerns relating to foreign trade. Advise provided by the BoT will help the Government to understand and address issues that are relevant for promoting exports and achieving international competitiveness for Indian goods and services.