From UPSC perspective, the following things are important :
Prelims level : Not Much
Mains level : Draft export policy 2019
- The Commerce Ministry has come out with a comprehensive draft of the export policy which includes product- specific rules with a view to provide a ready reckoner for exporters.
Draft Export Policy, 2019
- The draft policy aims at consolidating the export norms for each product as applicable at different government agencies.
- It is proposed to bring out a comprehensive exports policy for all ITC (HS) tariff codes (including items which are ‘free’ for export and do not currently exist in the policy), covering conditions/restrictions imposed by partner government agencies on exports.
- ITC-HS Codes are Indian Trade Clarification based on Harmonised System of Coding. It was adopted by India for import-export operations.
- Every product has been accorded eight digit HS codes.
- The compendium will help an exporter know all the applicable norms pertaining to a particular product, helping him/her understand policy conditions for that item.
- This exercise is for consolidating the norms and not for making any changes in the existing export policy of the country.
- It also includes non-tariff regulations imposed by different government agencies.