Exports Current Affairs - 2019

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India International Trade Fair Begins

The 39th India International Trade Fair is to begin in New Delhi on November 14, 2019. Around 25,000 people are expected to visit the fair.

Theme: “Ease of Doing Business”

The theme is inspired from India’s 63rd rank in the World Bank’s Ease of Doing Business.

Highlights

  • The Fair is to serve as a convergence point for the government agencies, non-government institutions and private sector enterprises
  • Countries including Vietnam, UK, Turkey, Tunisia, Thailand, Nepal, Myanmar, Iran, Indonesia, Hong Kong, Egypt, China, Bhutan, Bangladesh, Australia and Bahrain are to participate in the fair
  • The preferences are given to Bihar and Jharkhand states this year
  • The fair is to offer equal opportunities to large corporations, MSME, artisans and self-help groups to promote their products

Significance

  • With India growing as a hotspot of startups, giving equal opportunities to them in these fairs will boost their growth and eventually will boost the growth of the economy. Such steps by the government shows the importance given to the startups in its governing actions. These steps fetch an increased growth rate predictions for the country in 2020-21 by organizations like IMF, World Bank, G20 though they pin down the current growth rate of the country
  • With increased importance to artisans and MSME along with large corporates will help boost GoI recent schemes aiming on increasing exports and reducing imports especially in the field of handicrafts.

World Customs Organization recognised HS Code for India’s Signature Fabrics-A Boost for Khadi Exports

The Ministry of Commerce and Industry has allocated separate HS code for signature fabric of India. HS stands for Harmonized System and was developed by the World Customs Organization (WCO). The code is used by customs officers to clear commodities entering or crossing international border.

HS Code

It is a multi purpose International Nomenclature that describes type of goods being shipped. The code follows Kyoto Convention of 1974. It is being used by more than 200 countries. The code aids countries in collection of international trade statistics and forms a basis for customs tariffs. This helps in better reach of the product and increases its global popularity.

World Customs Organization

The WCO is an inter governmental organization headquartered in Brussels, Belgium. It was founded in 1952. It administers the technical aspects of WTO, agreements on customs valuation and rules of origin. It works towards the development of international conventions, rules of origin, supply chain security, IPRs, customs reforms and modernization, etc.

India’s Signature Fabric

Khadi is the term used for fabrics that are hand spun and hand woven. It is recognized as signature fabric of India. It gained its importance since the freedom movement of boycott.

According to Indian Flag Code, Khadi is the only material allowed to be used for the flag. If flying flag is made with any other material the offense is punishable by law with imprisonment up to 3 years and fine.