Inadequate infrastructure to impact trade facilitation measures: parliamentary panel.
A Parliamentary panel has expressed concerns over inadequate infrastructure and non-coordination between stakeholders to promote trade facilitation measures initiated by the government. It suggested to the Department of Commerce to prepare a plan for trade facilitation for next five years for reducing transactions costs further.
It said that lack of infrastructure like port to road connectivity and "non-coordination between all the relevant stake holders for improving the infrastructure were adversely affecting the trade facilitation measures initiated by the government". Public Accounts Committee in its report said that efficiency at the ports needs to be improved by updating ICEGATE (Indian Customs and Central Excise Electronic Commerce/Electronic Data interchange Gateway) to minimise breakdown, making e-filing of bill of entry and full use of 24x7 facility.
The world trade is around USD 40 trillion and out of this India contributes about USD 1 trillion but the strategic plan of the department of commerce estimates a huge impact on the transaction cost due to poor facilitation, it added. The committee suggested that the department "may carry out an analysis of the impact of the measures taken by it for trade facilitation, take stringent steps against those who have not adhered to the timelines". It also called for imposing penalties for delay in clearing goods by various authorities like customs and FSSAI.
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|Publication:||Pakistan & Gulf Economist|
|Date:||Apr 8, 2018|
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