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Welcome to the Current Affairs Section.

Welcome to the Current Affairs Section of BSC Academy. Get Daily & Latest Current Affairs 2021 for government job exams, UPSC, IAS/PCS, Banking, IBPS, SBI, RBI, SSC, Railway, UPPSC, BPSC, MPPSC, MPSC, KPSC, TNPSC, RPSC, UKPSC, APPSC and other competitive exams.

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India is in discussion with ASEAN to start FTA review: Minister of State for Commerce and Industry

Thursday February 10, 2022

India is in discussion with the 10-nation bloc ASEAN for initiating the review of the free-trade agreement in goods

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India is in discussion with ASEAN to start FTA review: Minister of State for Commerce and Industry

India is in discussion with the 10-nation bloc ASEAN for initiating the review of the free-trade agreement in goods between the two regions to seek more market access for domestic products, Parliament was informed on feb 9 .

Minister of State for Commerce and Industry Anupriya Patel said the market access issues and trade barriers being faced in ASEAN (Association of Southeast Asian Nations) countries and China are being regularly taken up with individual countries through bilateral engagements.

In a separate reply, she said that to increase exports including apparel exports, India is actively negotiating regional trade agreements (RTAs)/ FTAs with a number of countries including the UAE, Australia, Canada, Israel and the UK.

The minister said that textile and apparel export growth has been facing adverse impact of the COVID-19 pandemic and higher import tariffs in key markets such as the European Union and the United Kingdom as compared to zero duty access in these countries to competing countries like Bangladesh and Cambodia.

Replying to a question on export dues, she said the government has released Rs 56,027 crore in order to clear pending export incentive dues to exporters.

This is for various schemes Merchandise Exports from India Scheme (Rs 33,010 crore, Service Exports from India Scheme ( Rs 10,002 crore), Rebate of State and Central Taxes and Levies ( Rs 5,286 crore), Rebate of State Levies (Rs 330 crore), and Remission of Duties and Taxes on Exported Products (Rs 2,568 crore) and other legacy schemes like Target Plus Scheme, Focus Product Scheme.

Clearance of dues under these schemes is dependent on meeting the eligibility criteria by the applicant exporter, whose applications are scrutinised for any deficiency.

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