A joyful weekend is likely to be on the cards for the exporter community after commerce secretary BVR Subrahmanyam on Wednesday promised to announce the refund rates under the Remission of Duties and Taxes on Export Products (RoDTEP) scheme by this weekend. While the government has been dilly-dallying on this matter ever since the scheme was devised in January 2021, exporters hope the move will provide India’s exports with a better footing by giving a competitive edge to businesses here. Another good news is that India, in its bid to revamp its foreign trade strategy, is all set to fast-track trade negotiations with at least six countries, with UAE probably being the first.

Moreover, much is being discussed about the upcoming foreign trade policy (FTP) and how it needs to be different in the post-pandemic world. With that being said, it seems that the policymakers are also keen on doing just that. From developing a district export hub initiative to scale-up manufacturing, addressing the supply chain constraints to promoting e-commerce, mapping the Geographical Indication (GI) products to boost trade, the FTP looks quite promising.

Besides this, marine exporters have finally decided to fish for new territories to market their products after China suspended the supply from Indian seafood companies citing covid reasons. Some experts believe this is to be a blessing in disguise as now local firms can manufacture value-added marine products and cater to novel geographies like Singapore, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the UAE, to name a few.