After increasing tension on the border, India and China have come face to face on the trade front too. Authorities in Hong Kong and China have tightened export consignments from India and have started investigating them in the midst of rapidly changing developments. The Federation of Indian Export Organizations (FIEO) has given this information to the government. Earlier, India has started investigating goods from China and it is understood that China has also tightened its stand in response to this.
On Thursday, Fio said that customs officials at several ports in India ordered a sudden investigation into export consignments from China. Fio said that no such directive has come officially from the government. After the move of Fio India, China has also retaliated. In a letter written to Commerce Secretary Anoop Wadhawan, Fio Chairman Sharad Kumar Saraf said, "Although the authorities have given the order, there is no official notification." This has created a stock of imported goods at the ports. Some exporters have said that after India's move, Hong and China's Customs Department have also started investigating goods from India. Business Standard has also seen this letter.
The exporters' unit has urged the Commerce Department to direct the Central Indirect Tax Board (CBIT) to clarify the situation on the entire matter. Fio said import partners in China and Hong Kong would not be able to deal with this sudden hurdle until the situation is clear. Fio Director General Ajay Sahni said, "China's exports to India are just 2.8 percent of their total exports. On the other hand, 5.4 percent of India's total exports go to China. Sahni said that because of excess exports from India to China, decisions should be taken only after careful consideration of all points.
Fio said in a contracting conference that given the impact of the Kovid-19 pandemic, exports could decline by 10 percent in the year 2020-21. The organization said that exports from the country in June may decline by 12 percent as compared to 36 percent in May. Fio cautioned that the figures could deteriorate further if the government completely banned imports from China.
Saraf said, "Our industry is based to a large extent on raw materials and components coming from China, so the government should take thoughtful steps." We have suggested to the Directorate General of Foreign Trade that instead of taking any hasty steps, it may be considered to first strictly abide by the raw materials exported to China and impose cess on them. '
Fio has asked the Commerce Department to investigate imports coming from Hong Kong. Hong Kong was the sixth-largest trading partner of India last year with a trade of $ 15.68 billion between the two countries. Meanwhile, India has been successful in reducing imports from China to $ 62.3 billion for the second year.
Trade agreement required
Now export deals have started coming in and negotiations have started on those deals which were canceled earlier. Saraf said that orders in the apparel sector, for example, have started coming in. He said that to boost exports in the short to medium term, India should liaise with those countries which are angry with China. According to Saraf, India may insist on promoting trade with countries such as the European Union, the US, Australia, New Zealand, Canada, and Japan. Fio has said that India should start bilateral negotiations to enter into a free trade agreement with various countries. Saraf said, "We should compromise with at least some countries to take advantage of lower tariffs."
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