Introduction : Imports and exports are the two important components of a foreign trade. Foreign trade is the exchange of goods and services between the two countries, across their international borders.In India, exports and imports are regulated by the Foreign Trade (Development and Regulation) Act, 1992, which replaced the Imports and Exports (Control) Act, 1947, and gave the Government of India enormous powers to control it.
Ministry of Commerce and Industry is the most important organ concerned with the promotion and regulation of the foreign trade in India.
Foreign Trade Development & Regulation Act, 1992
- Foreign Trade Development and Regulation Act, 1992 – Rules
The Customs Act, 1962.
The Conservation of Foreign Exchange & Prevention of Smuggling Activities Act, 1974
- Central Excise Act, 1944
- Central Excise Tariff Act, 1985
- Customs Act, 1962
- Customs Tariff Act, 1975
- Foreign Exchange Management Act, 1999
- Special Economic Zones Act, 2005
Government of India EXIM POLICY
As per the provisions of the Act 1992 , the Government of India formulates and announces an Export and Import policy (EXIM policy) and amends it from time to time. EXIM policy refers to the policy measures adopted by a country with reference to its exports and imports. Such a policy become particularly important in a country like India, where the import and export of items plays a crucial role not just in balancing budgetary targets, but also in the over all economic development of the country.
The trade regulator
Directorate General of Foreign Trade (DGFT) organisation is an attached office of the Ministry of Commerce and Industry and is headed by Director General of Foreign Trade. Keeping in line with liberalization and globalization and the overall objective of increasing of exports, DGFT has since been assigned the role of “facilitator”. The Director General or any other officer so authorised can suspend or cancel a licence issued for export or import of goods in accordance with the Act. But he does it after giving the licence holder a reasonable opportunity of being heard.
- Under the Act, every importer and exporter must obtain an ‘Importer Exporter Code Number’ (IEC) from Director General of Foreign Trade or from the officer so authorised.
Besides this Act, there are some other laws which control the export and import of goods. These include:-
Exports, Imports, Products, Tariffs, GDP and related Development Indicator by World Integrated Trade Solution
The Federation of Indian Export Organisations (FIEO) represents the Indian entrepreneurs spirit of enterprise in the global market. Known popularly as “FIEO”, this apex body of Indian export promotion organizations was set up jointly by the Ministry of Commerce, Government of India and private trade and industry in the year 1965. FIEO is thus a partner of the Government of India in promoting India’s exports
Selected International Organizations, Institutions and Regional Agreements involved in international trade and international economic law.
- ANDEAN Community
- CAFTA Watch (World Trade Online) (UCB only)
- International Chamber of Commerce
- International Monetary Fund
- International Trade Centre UNCTAD/WTO
- OAS, Regional Free Trade Agreements
- United Nations Commission on International Trade Law (UNCITRAL)
- United Nations Conference on Trade and Development (UNCTAD)
- World Bank
- World Trade Organization
Some useful links pertaining to the International Lade law and Trade monitoring
- U.S. Dept. of Commerce
- Canada Department of Foreign Affairs and International Trade- NAFTA information
- CATO Center for Trade Policy Studies
- Cornell Law School LII — International Trade Law Materials
- EISIL (Electronic Information System for International Law)
- Juris International
- Lex Mercatoria
- Institute for International Economics
- International Trade Administration
- LANIC- NAFTA Resources
- Mexico Online
- NAFTA Secretariat
- National Law Center for Free Inter-American Trade
- Organization of American States Trade Unit
- Pace University, UN Convention on Contracts for the International Sale of Goods (CISG)
- Trade and Commercial Relations Treaties (Fletcher Multilaterals Project)
- Trade and Related Agreements (U.S. Department of Commerce)
- U.S. International Trade Commission
- U.S.- Mexico Chamber of Commerce
- Trade Resources
- U.S. Trade Representative
- World Bank
- WTO Watch
- World Trade Organization