Integration into Global Value Chains
Deeper integration into global value chains is essential for India to more than double its current 2% share in global trade, according to the Confederation of Indian Industry (CII). Sanjay Budhia, Chairman of the CII National Committee on EXIM, emphasized working closely with the government to overcome challenges hindering manufacturing and export growth.
Digital Trade Infrastructure
CII advocates for enhanced digital trade infrastructure to facilitate seamless operations. Recommendations include establishing a common online portal for issuing port-specific circulars and implementing best practices from developed nations to improve efficiency.
Strengthening MSME Competitiveness
Building the competitiveness of Micro, Small, and Medium Enterprises (MSMEs) is pivotal. Supporting the adoption of global practices like the Customs Authority on Advance Ruling (CAARR) Regulation, 2021, can lower global trade costs and bring duty certainty, further enabling MSMEs to thrive in international markets.
Improving Exporter Efficiency through AEO Programme
The Authorised Economic Operator (AEO) programme has instilled confidence among exporters by saving time and increasing productivity. Strengthening this initiative is critical to streamlining processes and boosting export performance.
Harmonizing Tax Systems for Cross-Border Trade
Collectively, these measures, along with strategic focus on trade infrastructure and MSME competitiveness, can significantly enhance India’s role in global trade.
