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EFAs work towards restoring Indian Exports

May 01, 2020

Export Facilitation Agencies (EFAs) work towards restoring Indian exports
World Trade Center Bhubaneswar organized a webinar on “Restoring Exports: Role and Provisions by Facilitation Agencies in Combating COVID 19”. Export facilitation organizations such as Director General of Foreign Trade (Kolkata) Government of India, Export Credit Guarantee Corporation Limited, Engineering Export Promotion Council and ICICI Bank participated in the webinar to share the various provisions regarding exemptions and relaxations being offered by the respective organizations for combating the crisis situation in Indian exports risen due to COVID 19. The webinar aimed to facilitate a connection between the relevant stakeholders of International Trade with focus on exports and highlight some of the support measures being extended by these export facilitation agencies. It also intended to provide a platform for the exporters to reach their concerns to the facilitators. 

Shri. Debasish Chakraborty, Foreign Trade Development Officer, DGFT, Kolkata in his address explained in detail about the various notifications issued by the Director General of Foreign Trade in specific to the existing crisis situation. He specified the extensions in validity of the existing Foreign Trade Policy and under the Export Promotion Capital Goods Scheme. He also shared the details of the digital facilitation's being made such as the Certificates of Origin to be issued on a digital platform. “A request is made to the concerned trading partners to accept the digitally signed certificates in the terms period until the exceptional circumstances on account of COVID19 pandemic is over” said Mr. Chakraborty. “Accordingly the importing countries are requested to clear these consignments provisionally at preferential duty subject to any other conditions like an undertaking or a bond. Until the offices of the local users for REG open after normalcy returns they would accept scanned copies of the pre-registration application and other relevant documents submitted by the exporters for processing. The REX Numbers would also be issued and the scanned copy sent by email to the exporters. Provision for submission of physical copy of application has been relaxed under TMA Scheme” he added.

Mr. Suman Kumar Jena, Branch Head, Export Credit Guarantee Corporation Limited spoke about the extension of the specific shipment policy upto June 2020. He shared the details about extension in timelines by ECGC for filling returns, monthly returns, extensions, defaults, reply to claim queries and representations. Fifty percent reduction in policy proposal fee due for renewal or issued between the period of March 2020 to June 2020, and wavier of credit limit application fee and reduction in claim waiting period were the other major provisions shared by Mr. Jena.

Mr. Pankaj Kumar, Regional Head- ETRG (Elite Trade Relations Group) ICICI Bank Ltd, in his deliberations shared about the digital offerings by the bank for trade, Trade Online Facility (For Export and Import business transactions) and its benefits, credit facilities of the bank, export factoring, export bill negotiation, RBI guidelines for export credit, and other export credit FAQs. 

Mr. Pawan Surekha, Convener, Engineering Export Promotion Council (Cuttack Chapter), in his address shared the macro view on the existing engineering export scenario of the country and also highlighted the vast scope for exports which the exporters’ fraternity should positively look at post the COVID 19 crisis. 

Earlier in her address Ms. Nimeshika Natarajan, Assistant Director, World Trade Center Bhubaneswar while welcoming the presenters and the attendees shared the recent plung in India's exports by a record 34.57 per cent in March due to a steep decline in shipments of leather, gems and jewellery and petroleum products, dragging the total exports in 2019-20 down to $314.31 billion as highlighted by the economic times. 

Mrs. Anima Pandey, Regional Director, Engineering Export Promotion Council of India Eastern Region, proposed the vote of thanks.