<p>Commerce Minister Nirmala Sitharaman today said the revised mid-term foreign trade policy (FTP) is to be announced few days ahead of July 1, the scheduled date for the Goods and Services Tax roll out.<br /><br />After holding a meeting with various stakeholders, including exporters as part mid-term review of FTP (2015-20) here, the minister also said that no suggestions were made to scale down the 2020 export target of USD 900 billion, including services.<br /><br />Given the current economic and geopolitical situations globally there are concerns that international trade may be impacted.<br /><br />Sitharaman said suggestions were made that the review should be concluded by July 1 so that it is aligned with the GST implementation.<br /><br />"We found merit in the suggestion that the review of the policy should be well in time to go along with the roll out of the GST. It means I have to announce it well in time for July 1," she said.<br /><br />She further said that there were certain specific suggestions and questions for the GST Council comprising state finance ministers, and headed by the Union Finance Minister.<br /><br />A team including the Commerce Secretary to seek time from GST Council on the specific issue, including one related to duty refunds of exporters.<br /><br />Exporters, especially from the SME sector, have expressed concerns that their funds would be locked up for several months<br /><br />As per the GST norms, 90 per cent of the refund will be given in 7 days and remaining 10 percent will be given in 4-5 months. SME exporters expressed concerns that their funds could remain locked for long time.<br /><br />During the meeting suggestions were also made to explore rupee denominated trade especially in the south east Asian nations and those in the middle east.<br /><br />Suggestions were also made that the FTP should not focus only on exports but on imports as well. <br /></p>
<p>Commerce Minister Nirmala Sitharaman today said the revised mid-term foreign trade policy (FTP) is to be announced few days ahead of July 1, the scheduled date for the Goods and Services Tax roll out.<br /><br />After holding a meeting with various stakeholders, including exporters as part mid-term review of FTP (2015-20) here, the minister also said that no suggestions were made to scale down the 2020 export target of USD 900 billion, including services.<br /><br />Given the current economic and geopolitical situations globally there are concerns that international trade may be impacted.<br /><br />Sitharaman said suggestions were made that the review should be concluded by July 1 so that it is aligned with the GST implementation.<br /><br />"We found merit in the suggestion that the review of the policy should be well in time to go along with the roll out of the GST. It means I have to announce it well in time for July 1," she said.<br /><br />She further said that there were certain specific suggestions and questions for the GST Council comprising state finance ministers, and headed by the Union Finance Minister.<br /><br />A team including the Commerce Secretary to seek time from GST Council on the specific issue, including one related to duty refunds of exporters.<br /><br />Exporters, especially from the SME sector, have expressed concerns that their funds would be locked up for several months<br /><br />As per the GST norms, 90 per cent of the refund will be given in 7 days and remaining 10 percent will be given in 4-5 months. SME exporters expressed concerns that their funds could remain locked for long time.<br /><br />During the meeting suggestions were also made to explore rupee denominated trade especially in the south east Asian nations and those in the middle east.<br /><br />Suggestions were also made that the FTP should not focus only on exports but on imports as well. <br /></p>