Defining Sustainable Trade Standards
03/07/2025
The International Chamber of Commerce (ICC), earlier this week, published a report proposing the setting up of a framework to define sustainability standards in the trade finance arena. The ICC said the new norms which will come into effect in 2022 would act as a rulebook to assess the sustainability profile of specific types of trade transactions. Speaking of another report, this one by the commerce ministry, Gujarat has maintained its number one rank on an index that compared and gauged the logistics efficiency across different Indian states in 2021. The Logistics Ease Across Different States (LEADS) index is based on an array of parameters such as infrastructure, services, competitiveness, operating environment, regulatory processes, to name a few.
In addition to this, the government is gearing up for the union budget 2022-23 and will soon kick off consultations with industry bodies. Reduction in compliance burden in terms of GST, loans, licensing or audit, restoring tax benefit on research & development expenditure, etc., are some expectations from MSME associations going into next year’s budget.
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