Category: Foreign Trade Law

All Countries Foreign Trade Law Updates

Mar 06

The Rise of China as A Global Economic Superpower and Its Impact on International Trade

As China continues to experience remarkable economic growth, its impact on international trade has become increasingly significant. China’s population of over 1.4 billion people, its vast industrial capabilities, and its technological advancements have made it a formidable player in the global economic system. The implications of China’s rise are complex and far-reaching, with both positive and negative effects on international trade. At the core of China’s economic success lies its manufacturing prowess. The country has become the world’s leading producer Read Full Details…

Mar 04

How Trade and Financial Globalization change the dynamic interdependencies of economies ?

Trade and financial globalization are among the most significant drivers of economic growth and development in today’s interconnected world. Over the past few decades, we have witnessed unprecedented levels of trade and financial integration across borders, with profound implications for the way economies are interconnected. Trade and financial globalization have brought about many changes in the dynamic interdependencies of economies. For instance, countries that were once isolated and dependent on their domestic markets for growth and development have become increasingly Read Full Details…

Mar 03

How to Get Benefits of EXIM Scheme Code

Export-Import (EXIM) Scheme Code is a unique 10-digit code assigned by the Directorate General of Foreign Trade (DGFT) to importers and exporters. It is used to identify the goods that are imported or exported and determine the benefits that can be availed under various schemes. Benefits of EXIM Scheme Code: Avail Export Benefits: With the EXIM Scheme Code, exporters can avail various benefits such as Duty Drawback, Advance Authorization, Export Promotion Capital Goods (EPCG) Scheme, etc. These benefits help in Read Full Details…

Mar 03

DGFT Gives One Time Relaxation For Furnishing Additional Fee To Cover Excess Imports Affected Under Epcg Scheme

The Directorate General of Foreign Trade(DGFT) has notified the One time relaxation for furnishing additional fee to cover excess imports affected under the Export Promotion Capital Goods Scheme to promote Ease of Doing Business via issuing Public Notice. DGFT gives One time relaxation for furnishing additional fee to cover excess imports affected under EPCG Scheme The Directorate General of Foreign Trade(DGFT) has notified the One time relaxation for furnishing additional fee to cover excess imports affected under the Export Promotion Read Full Details…

Mar 02

Survey of laws helps African countries remove hurdles to trade in services

Policymakers have traditionally focused on manufacturing-led development as the means to improve incomes and reduce poverty. But services are now taking center stage. Services account for about half of the workforce in low and middle-income economies, up from about 40 percent in the 1990s. That increase has almost offset the decline in the share of workers in agriculture. The share of workers in manufacturing, meanwhile, has remained almost unchanged. Services – ranging from transport and telecommunications to health and education Read Full Details…

Feb 26

DGFT Exempts Cashew EoUs & SEZ Units from Minimum Import Price Requirement, Upsets Industry

Government has amended the raw cashew nut import policy to exempt export-oriented units and processing units operating from Special Economic Zones (SEZ) from the minimum import price (MIP) requirement. In response, the industry stated that the policy change would be detrimental to domestic players because it would allow cheaper imports. In a notification issued on few days ago, the Director-General of Foreign Trade (DGFT) stated that the MIP on cashew kernel brokens and whole nuts will not be applicable for Read Full Details…

Feb 21

Reed Smith international lawyers, practices earn exclusive Chambers Global rankings

International law firm Reed Smith ranked Band 1 in seven practice categories, and eight of its lawyers earned Band 1 individual rankings in 10 categories, in the Chambers Global 2023 guide released today. The firm appeared for 55 practice areas; 53 of its lawyers were endorsed; it gained new entries in 11 practice categories; and its lawyers got new rankings in six categories. Reed Smith’s featured practices are concentrated on dispute resolution (including arbitration) and its lawyers have a high Read Full Details…

Feb 18

Notification Under S. 5 of FTDR Act Can’t Be Applied Retrospectively To Refuse Advance Authorization To Importer: Delhi High Court

The Delhi High Court has ruled that a notification issued under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (FTDR Act), which empowers the Central Government to formulate and announce the foreign trade policy, cannot be applied retrospectively by the Central Government. The bench of Justice Prathiba M. Singh held that once a notification issued under Section 5 of the FTDR Act is quashed by the Court, the same cannot be relied upon by the Directorate General Read Full Details…

Feb 14

Foreign trade policy may be released in April

New Delhi: The government may announce the much-delayed Foreign Trade Policy (FTP) in April that will establish its long-term vision for exports and a policy for sectors such as e-commerce, an official aware of the plans said, at a time of heightened global economic volatility. The policy can allow for interventions to address immediate issues, and outline measures to accelerate releases and reduce the physical interface. The new FTP comes at a time when India’s outbound shipments are starting to Read Full Details…

Feb 08

IEC: How to obtain Import and Export Licence, Import Export Code and what it entails

It may be an opportune time to start exporting your products, going by how India’s exports in categories such as engineering products, jewellery and electronics goods, among others, are going up. However, though diving into the overseas market looks promising, becoming an officially licensed exporter has a lot of compliances and regulations that one should be aware of. One of the foremost things to start with would be getting an Import Export Code (IEC). IEC is a mandatory unique 10-digit Read Full Details…