Trade Sector Updates – Falling Exports, TIES, MEIS, Foreign Trade Policy, etc.

Draft Export Policy unveiledPriority 1

Note4Students

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.

Consolidating norms

  • 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.

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