Instructors: Dr. Vijesh Jain
3 sections • 14 lectures • 1h 42m total length
Video: MP4 1280×720 44 KHz | English + Sub
Updated 11/2022 | Size: 1.8 GB
Significance, success, failures, direction, approach and highlights of typical trade policies with India FTP examples
What you’ll learn
Basic structure and motivations of foreign trade policy
Significance of India’s Foreign Trade Policies
Lows and Highs of FTP 2015-20
Success and failures of different policy measures in boosting foreign trade of India
Export promotion measures in FT policy of India
Requirements
There are no prerequisite for taking this course
Description
The agenda of this course is very, very important. We are talking about the foreign policies of nations on this planet. Everything we do in export as well as imports, the reasons for exports and the transactions, the smoothness, and even the cost of our exports is very much dependent on different policy initiatives by the government of any country. The same is true for India and many similar nations that are members of WTO.
A particular wing of the general ministry of commerce of different nations is involved in FTP formulation and implementation. E.g. the Department of Commerce, Ministry of Commerce in India.
So in this agenda, we will be discussing as an example all the different aspects of the different past and present foreign trade policies of India and a little analysis of the forthcoming foreign trade policy, that is foreign trade policy 2021-26, which is on the anvil.
Friends, the foreign trade policy entails some organizations for the formulation, some organizations for the implementation, and some organizations to govern the policy because it is a very serious exercise, since, it has a lot of bearing on the economic growth of the country. Also a lot of bearing on the employment generation in the country. It also has a lot of bearing on the overall ecosystem of trade in the country. And it is very, very important to be able to make the country able to export and import things, Another objective is import-export development.
So for example if you talk of the foreign policy of India in the period which was before liberalization, that is 1991, you will see that the policy was part of the so-called Export Import Control Act. Basically, the idea was regulation at that time. The idea was a sort of control over overseas transactions. It was the strict attitude of the government towards the activities which are involved, maybe mainly in imports but also in export. So it was a period of the country which actually went not as was visioned by the founders of our country after the independence. What had happened was that till 1991, the FT policies which were made and which were part of the Export-Import Control Act did not deliver what was expected out of these policies and what was expected by the exporters as well as the importers at large.
However, the attitude changed. After 1991 India adopted LPG, which is the liberation, privatization, and globalization. The approach changed in the sense that instead of the Export-Import Control Act now India was talking of the Foreign Trade Development Act. So when we say foreign trade development act which includes both exports as well as imports, it was acknowledged that the approach is not to control. The approach is towards the optimized development of both export as well as imports.
So without import, export cannot take place. If we talk of the world’s global value chains and we look at the initiatives of the OECD, where this organization, has documented the data of different countries, what they export, what they import, it is very, very clear that the more you import, the possibility of export is higher. So any country without imports cannot really export sustainably. To give you an example, if you talk of China, the electronics sector, the value addition percent, aggregate value addition in the electronic sector, which includes your mobile phones or laptops or whatnot, the value addition is just 15%. This means China is the world’s largest exporter of electronic goods, but it is only adding 15% to the value, the rest of the value is coming from imports into China from different countries. So this kind of global value chain exists and it clearly indicates that the co-growth of both exports and imports is very, very important. Present foreign trade policies of any country, including India, acknowledges that fact. And they are all trying to promote exports as well as develop imports.
Without this approach, the overall result isn’t possible. So this is all done by the different types of import trade governing bodies, which I’ll be talking about in this course with special reference to an example of India.
I will be talking about both imports as well as the export, incentives, and provisions in the policy.
So the focus of any foreign trade policy besides the main objectives is to see that these governing bodies are able to function smoothly. And there is the classification and licensing which is required, which is necessary, and the promotion of exports and the development of imports is taken care of.
So that is the main objective of any foreign trade policy of any country, actually. So, you know, this kind of concern will remain for any foreign trade policy in the recent past, the current policy, and future policies. So this is my idea for the course. So what we are trying to do, the policies are looking at the guidelines and the rules and every country has these guidelines and rules framed.
For example, product categories and commodities and their classifications which are normally for border control purposes, are based on the international trade classification – Harmonized system, ITC HS code. And the process of categorizing the different types of exporters and importers. In order to decide what kind of importers are there and what kind of tariffs can be there for different categories of importers like actual users or merchant importers. Similarly, in the categories of exporters, the different types of incentives and facilities can be given to these exporters by identifying their nature of business and what is their status. So these guidelines and rules look into these considerations.
These guidelines and rules are typically given by following types of local publications in any country, which is also true for India. So as I had just mentioned, the main policy document, which is called the Foreign Trade Policy Document, for example, the Foreign Trade Policy of India, is formulated by the Ministry of Commerce under DOC. i.e. Department of Commerce. Or it can be, for example, the US trade policy, the provisions of which are very easily available online. And you can check the comparison between our policy and the U.S. trade policy. So many similarities you would find and the Handbook of Procedures in India or Foreign Trade Regulation documents of the U.S. So there are a lot of similarities out there in this.
And very importantly, the standard input-output norms are there in India. These standard input output norms really help very much, especially for exporters to, for example, find out what inputs have been used for the exports and to establish, for example, duty drawback rates or to frame the duty exemption and remission schemes, different import refund schemes which without these standard input output norms is very, very difficult.
A lot of countries also have similar standards and norms. The classification, which is used in India as well as in many countries for border control purposes, is the ITC HS code, which has been in use for many, many years. I just want to tell you that this can be done in many other ways and some of the organizations are doing it in their own way.
So all these aspects and many more are covered in this course
About the instructor
Dr. Vijesh Jain is having more than 34 years of export business operations and international trade training experience, having trained thousands of industry employees and B School students in the areas of exporting and importing. Also, he is a Harvard University, USA, IIFT, New Delhi, BITS, Pilani, BIMTECH, India, and University of Mysore alumnus. In addition, he is the first-ever Indian to be certified as Global Business Professional by NASBITE, USA. He is the first recipient of the Best International Trade Research Award by BIMTECH, Delhi NCR. Also, he has written several books/research papers on the above subjects. Additionally, he also runs successfully his exports company dealing with overseas clients worldwide. Almost a quarter million students are already enrolled in the 21 courses in the VJ Exports Mastery Series on Udemy.
Who this course is for
Entrepreneurs
International Traders
Foreign Trade Professionals
Students and Academics
Cours
Homepage
https://www.udemy.com/course/india-foreign-trade-policy/
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