ICAI welcomes the Foreign Trade Policy 2009-14 as updated upto 5th June 2012 highlighting the incentives and new promotional schemes for the market adoptions. The Economy and specifically the Export and Import figures have emerged from the recession to recovery and added a new dimension to the growth of the GDP. In order to address these critical issues of the economy the Government has taken an initiative to ease the trade complexities and adopt a more liberal approach for trade.

The Policy has made a special reference to various upgradtions, extentions and wide coverage of the EPCG scheme. Also it has given a special shed for the export of the products from the Region of the North Eastern States. Not only the infrastructure in the Agriculture Sector scrips has got a special support to further make this sector more attractive for the foreign trade, the export obligations has also been reduced by making the export-import procedure simplified and e-procedural . In line with the EDI initiatives for the first time “e-BRC has been launched to further reduce the procedural obligations for the exporters. In addition the new and updated ITC (HS) classification of export and import items has been made available for the public.

In order to extend the coverage new emerging markets has been added to the Focus Market Scheme and Special Focus Market Scheme. Ahmedabad (Textiles), Kolhapur (Textiles) and Shaharanpur (Handicrafts) has been declared as new Towns of Export Excellence.

This policy has paved a way to the excellent advisory and execution of the foreign trade in effective and efficient way and shall stabilize the market practices towards the balance growth of the economy. Appreciating the above initiatives of the Government, being the regulator of the CA profession, ICAI is fully conscious of the fact that the comparative advantages for the Indian professional lies in providing services towards the cross border trade and is building sustainable capacity of its Members to render professional services in facilitating smooth implementation and functioning of the scheme.