Com Min includes MSME sector representative in Board of Trade

The Commerce and Industry Ministry has decided to add a representative of MSME sector in the Board of Trade, which discusses ways to boost exports.
"In order to give appropriate representation to MSME sector, it has been decided to include President of Laghu Udyog Bharti, New Delhi, as ex-officio member of BoT," Director General of Foreign Trade (DGFT) said in a trade notice today.
The move assumes significance as MSME (micro, small and medium enterprises) sector contributes about 45 per cent to the country's total exports.
The Board held its last meeting in April here.
The objective of the BoT is to have continuous discussion and consultation with trade and industry. It advises the government on policy measures related to foreign trade policy in order to achieve the objective of boosting India's trade.

The reconstituted BoT would now have 19 members from industry and academia (non-official members); 32 heads of trade and industry associations (ex-officio members); and 20 top officials including 13 secretaries to government of India, Deputy Governor of RBI, Railway Board Chairman and National Highways Authority of India Chairman.

Besides, the Director General of Foreign Trade is the member secretary of the Board.
Earlier, India had proposed a three-tier structure of duty
concessions, but it is going for a common approach but with varying staging period and differential taffies for different countries.
Sources said this time the focus will be on the definition of issues like giving common concession.

Everybody understands the implication of different staging periods, but it needs to be defined.
"We are discussing all this. The tariff lines cannot probably be the same for every country even by broad assumption because what you want to put in the negative list will certainly be different when it comes to China. For others, we can relax," they added.
The sources also said this ministerial is hinging on India taking a position on goods and to what extent it will open up on the tariff lines towards zero duty position.
"RCEP members want us to give more clarity on this, what we are trying to offer. That will be the major issue when we talk there," they said, adding that Asean is talking in one voice about trade in goods and not showing any flexibility.

Japan and Korea have very high ambitions in terms of reducing duty to zero in maximum number of products.
In the investment chapter, investor-state dispute is the issue which needs more deliberations.
India has flagged one more issue in investments. New Zealand, which earlier stated that no approval is required up to the investment of 100 million New Zealand dollar, is now saying the cap will be only 10 million New Zealand dollar.
India has termed it as "regressive position" as it would influence the position on the investment chapter.
India has huge interest in services sector as it contributes about 60 per cent in the country's economy.

It is asking every RCEP member to liberalise norms in maximum areas of the services sector so as to facilitate movement of professionals.
"The overall sub-sectors in services are 155. But they were earlier 70 and 80, we were at 120 and Australia at 140. So, they were very low. Now they have come to 100," another source said, adding that in Mode 1 services (cross border trade) and Mode 3 (commercial presence), India's ambition is 60, whereas others have low ambitions.
India wants more relaxation in norms for movement of its professionals.