World
Trade Organization (WTO) is the Only International organization which deals
with Import-Export businesses.It deals with the trade rules and to
open trade for the benefit of all the countries in the world. It gives equal
rights to both small and large countries. This is the organization which is run
by it’s members, where all the trading nation come and sort their trade issues
face to face. It has 600 staff and the experts from all the domain such as
lawyers, economists, statisticians and communications experts who all provide
assistance to WTO on regular basis to ensure that work is going smoothly for
applying the trade rules correctly.
Under
Advance Licence scheme Exporters are allowed to take the advance license to save the custom
duty.
WTO Roles:-
It has
only mission to open International Market for all the countries, It has four
major role to play –
It act as Monitor for Import-Export:-
The WTO
check and monitor the foreign trade policies and members, It checks whether
they are following the trade rules or not. Monitor the domestic policies and
it’s effect on International trade of all the member nation and the objective
of this monitoring is to prevent all the trade issues which may arise in future
well in advance.
Trainer for nation involved into International trade:-
It
provide training programmes to all the countries if any new trade rules
introduced to inform them before implementation.
Main role is to settle disputes between all the trading countries who are the member of WTO. It act as a trade tribunal where anyone can file the complaint against other nation if they fail to follow the Import-Export trade rules.
Trade Negotiations:-
The
agreements cover all the type of export-import trade agreements, service
agreements, and property agreements which are not fixed and may change after
the negotiations.
Now the
negotiation at WTO done as per the Doha Development Agenda introduced by world trade
organization, which is located in Qatar.
Government of India launched EPCG
Licence
scheme to issue the license which allows duty free import of machinery or
capital goods to manufacture the export products with the condition of EO which
stands for export obligation and needs to be fulfilled by the license holder
within given time period. After fulfilment of export obligation license holder
needs to apply for the redemption of license at the DGFT office.
Incentive
Schemes & Import Authorisation:-
As per WTO norms Government can provide export
benefits to exporters to promote the exports and to make their product cost
competitive in the global market, benefits are given in the form of
transferable duty credit scrip which can be used in waiver of custom duties.
Indian Government has launched various scheme
such MEIS Scheme and SEIS Scheme to provide incentive of 2% to 7% on the FOB
value of exports and 5% to 7% on net foreign exchange earned respectively. To
claim the benefits under MEIS Scheme and SEIS Scheme exporter needs to do
online application on DGFT website by attaching the required documents such as
shipping bills, valid copy of RCMC, eBRC etc.
To
get the EPCG License exporters needs to do the application under EPCG Scheme
on DGFT portal if they wish to import duty free machinery.
0 Comments