Monday 21 October 2019

Export Import News 21.10.19
1.      New rules of origin initiative to help firms better utilize trade preferences
The World Trade Organization is partnering with the International Trade Centre (ITC) and World Customs Organization (WCO) in an initiative which will enable firms to take fuller advantages of benefits under free trade agreements and preferential trade arrangements by helping them comply with product rules of origin requirements.
We have also advised in our last video that applying GSP certificate is now on line at DGFT site.

2.      Regarding import of flag

3.      DGFT: Import policy of Urea is free  now.

DGFT has issued notification No.23 dated 11.10.19 about Import policy for Urea for industrial or non-agricultural shall be "free" with immediate effect the same can be imported through Rashtriya Chemicals & Fertilizers (RCF)

Ministry of Finance Revenue department

4.      Antidumping duty  on flat rolled products of steel
Ministry of Finance Revenue department has issued NOTIFICATION No. 40/2019-CUSTOMS (ADD) on 15.10.19  About anti-dumping duty imposed on Flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc, imported from China, Vietnam and Korea due to :

i)                    Goods are exported to India below their normal values.;
 (ii)     The domestic industry has suffered material injury;

5.      Onion
MMTC’s 2,000 ton onion import tender fails to draw bids

After prices went up to Rs.80/- (Euro 1.02) per kg in domestic retail market, Govt run MMTC called tender for import of 2,000 tons of onion from any country. There were no bidders in MMTC's tender

"The objective of the tender was to control prices (of onion). Now that the new crop from Karnataka has started arriving in the market, prices are almost under control. So, the failure to draw bids wouldn't matter much.

6.      Flipkart: Fresh groceries via Farmermart

A commerce ministry official told Reuters that
The Indian government is looking into whether hefty discounts offered on Walmart-owned Flipkart and during their online festive sales violate foreign investment rules,

7.      ICC has published INCOTERM 2020 With the new rules set to come into force from 1st January 2020
With the new rules set to come into force from 1st January 2020, exporter, importers, shipping, logistics, supply chain and freight professionals need to refresh their knowledge now if they want to be able to use the Incoterms® 2020 confidently and without errors, to avoid costly mistake.
  • Updates to the FCA rule regarding bills of lading
  • Updates to the levels of insurance coverage required in CIF and CIP
  • Renaming of the DAT rule to make it more fit for purpose