EXPORT IMPORT PROCEDURES

EXPORT IMPORT PROCEDURES. Transglobe Academy. abstract.

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INTRODUCTION. ECONOMIC LIBERALISATION IN INDIA SINCE 1991.

EXPORT & IMPORT. Export & Import Policies & Procedures Liberalisation, Globalisation, Privatisation World Trade Organisation (WTO).

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Map Description automatically generated. GATT. GATT is related to increasing market access by reducing various trade barriers operating in different countries. Dismantling of trade restrictions was to be achieved by the reduction in tariff rates, reductions in non-tariff support in agriculture, abolition of voluntary export restraints or phasing out the Multi-fibre Arrangement (MFA), cut in subsidies, etc..

To improve market access, industrialised countries will have to reduce tariffs by 36 p.c. over six years and 24 p.c. for developing nations over 10 years. World trade in textiles and clothing‘s is governed by the MFA which requires to be phased out within 10 years (1993-2002)..

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The agreement says that all countries will have to reduce aggregate support levies if it is in excess of 5 p.c. of the total value of agricultural produce, but for developing countries it is more than 10 p.c. The value and the volume of direct export subsidies will have to be cut by 36 p.c. and 21 p.c., respectively, over six years for developed countries..

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Steria/ Ministeri.- Mrystena/ ••ence WTO OMC 15 - 17 décembre Confére.

TRIPS. The TRIPS Agreement covers seven specific areas, viz. copyrights, trademarks, industrial designs, integrated circuits, geographical indications, trade records and patent. Of these seven areas, the most important as well as debatable aspect is the patents right. The basic principle of the patent system is that an inventor, who makes a full disclosure of what he has invented, is granted a statutory monopoly to exploit his invention..

TRIPS. Patents should be available for any invention, whether products or processes, in all fields of technology provided they are new, involve an inventive step and capable of industrial application. Patents should be available and patent rights enjoyable without discrimination..

TRIPS. TRIPS also say that members must provide for the protection of plant varieties either by patents or by an effective sui generis system. The sui generis system commonly refers to the system of Plant Breeders‘ Rights (PBRs)—the exclusive right to produce seed of the protected variety for the seed trade and control of its marketing..

In addition, WTO members have set procedures for settling disputes arising out of the violation of trade rules. Thus, there exists a multilateral system of settlement of disputes. The WTO agreement also allows governments to take appropriate action against dumping..

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Global Trade Helpdesk: Digital solutions empower business support ....

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BALANCE OF PAYMENT Balance of Payment. Current account showing export and import of visible (also called merchandise) and invisibles (also called non-merchandise). Invisibles take into account services, transfers and income..

BALANCE OF PAYMENT Balance of Payment. Capital account showing a capital expenditure and income for a country. It gives a summary of the net flow of both private and public investment into an economy. External commercial borrowing (ECB), foreign direct investment, foreign portfolio investment, etc. form a part of capital account. Errors and omissions: Sometimes the balance of payment does not balance. This imbalance is shown in the BOP as errors and omissions. BOP is compiled using the double entry book keeping system consisting assets and liabilities.

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Balance of Payment of India. Similarly, a country exports to other countries the commodities which those countries prefer to buy from abroad rather than producing at home . Besides, trade of goods and services, there are flows of capital. Foreign capital flows are in the form of portfolio investment by foreign institutional investors or in the form of foreign direct investment. The balance of payments is a systematic record of all economic transactions of residents of a country with the rest of the world during a given period of time.

Balance of Payment of India. This record is so prepared as to measure the various components of a country‘s external economic transactions. Thus , the aim is to present an account of all receipts and payments on account of goods exported, services rendered and capital received by the residents of a country, and goods imported, services received and capital transferred by residents of the country ..

Balance of Payment of India. The main purpose of keeping these records is to know the international economic position of a country which helps the Government in making decisions on monetary and fiscal policies on the one hand, and trade and payments policies on the other..

Balance of Trade and Balance of Payments:. Balance of trade and balance of payments are two related terms but they should be carefully distinguished from each other because they do not have exactly the same meaning. Balance of trade refers to the difference in values of imports and exports of commodities only, i.e ., visible items only. Movement of goods between countries is known as visible trade because the movement of goods is open and visible and can be verified by the custom officials..

During a given period of time, the exports and imports may be exactly equal, in which case the balance of trade is said to be in balance. But this is not necessary because those who export and import are not necessarily the same persons..

Distinction between Current Account and Capital Account:.

The capital account, on the other hand, deals with capital receipts and payments of debts and claims. The current account of the balance of payments affects the level of national income directly. For instance, when India sells its currently produced goods and services to foreign countries, the producers of those goods get income from abroad..

Distinction between current account and capital account.

Thus, current account payments to foreigners involve reduction of the flow of income within the country and constitute a leakage. Thus, the current account of the balance of payments has a direct effect on the level of income in a country. The capital account, however, does not have such a direct effect on the level of income; it influences the volume of assets which a country holds.

Balance of payments on current account is more comprehensive in scope than balance of trade. It includes not only imports and exports of goods which are visible items but also invisible items such as foreign travel, transportation (shipping, air transport etc.), insurance, tourism, investment income (e.g. interest on investments), transfer payments i.e. donations, gifts, etc..

A country, say India, has to make payments to the other countries not only for its imports of merchandise but also for tourists travelling abroad, insurance and shipping services rendered by other countries. Further, it has to pay the royalties to foreign firms, expenditure of Indians in foreign countries, interest on foreign investment in India. These are debit items for India, since the transactions involve payments made to the rest of the world. In the same way, foreign countries import goods from India, make use of Indian films and so on, for all of which they make payments to India.

An important item which has recently emerged as an item of invisible exports is software exports which has become good foreign exchange earner. These are the credit items for India as the latter receives payments. Balance of payments thus gives a comprehensive picture of all such transactions including imports and exports of goods and services concerned..

Both visible and invisible items together make up the current account. Interest on loans, tourist expenditure, banking and insurance charges, software services etc., are similar to visible trade since receipts from selling such services to the foreigners are very similar in their effects to the receipts from sales of goods; both provide income to the people who produce the goods or services..

LET'S REMEMBER THESE TERMINOLOGIES. Export and Import Procedures Economic Liberalisation The Indian Scenario Reasons and objectives Liberalisation, Privatisation Globalisation World Trade Organisation (WTO) Features of WTO Structure of WTO Objectives of WTO Functions of WTO, WTO Agreements.

HAPPY LEARNING FRUITFUL CAREER. Wish you all success in your life.

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