What are the measures to reduce trade deficit?
Three ways to reduce the trade deficit are:
- Consume less and save more. If US households or the government reduce consumption (businesses save more than they spend), imports will drop and less borrowing from abroad will be needed to pay for consumption.
- Depreciate the exchange rate.
- Tax capital inflows.
How does Nepal have trade deficit in its foreign trade?
The major causes of Nepal’s increasing trade deficit are landlockedness, low export and high import, low quality goods, improper trade policy, higher cost of production, lack of publicity and advertisement, low production, slow industrial development, lack of trade diversification, etc.
What are the advantage of foreign trade to Nepal?
The benefits of trade of foreign in Nepal are: Maximum use of means and resources. Earning foreign currencies. Less cost, better production.
What are the problems faced by Nepal as a landlocked country?
The main cause of delays and high transport costs are inefficient customs and transit transport procedures. As a landlocked mountainous country, Nepal has been experiencing problems in trade, transportation, and economic development.
What are the two kinds of foreign trade?
Give two types of Foreign Trade….Solution
- Import Trade: When the goods or services are purchased from other countries it is called import trade.
- Export trade: When the goods are sold to other countries, it is called export trade.
- Entrepot trade: It is also called re-exporting.
What is the current EXIM policy?
The Government of India, Ministry of Commerce and Industry announced New Foreign Trade Policy on 01st April 2015 for the period 2015-2020, earlier this policy known as Export Import (Exim) Policy….India New Foreign Trade Policy 2015 – 2020.
| CONTENTS | |
|---|---|
| 3 | Promotional Measures |
| 4 | Duty Exemption / Remission Schemes |
| 5 | Export Promotion Capital Goods Scheme |
What is the import policy?
Export Import Policy or better known as Exim Policy is a set of guidelines and instructions related to the import and export of goods. The Government of India notifies the Exim Policy for a period of five years (1997-2002) under Section 5 of the Foreign Trade (Development and Regulation Act), 1992.
What is Dgft?
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.
What is EPCG scheme?
The objective of the Export Promotion Capital Goods (EPCG) Scheme is to facilitate import of capital goods for producing quality goods and services and enhance India’s manufacturing competitiveness. EPCG Scheme allows import of capital goods for pre-production, production and post-production at zero customs duty.
How do I apply for EPCG?
EPCG Online Application Procedure
- Step 1: Visit the DGFT Official website.
- Step 2: Log in with DGFT Digital Signature Certificate.
- Step 3: Create a New File.
- Step 4: Fill initial mandatory details.
- Step 5: Filling Industrial Registration, Export House & RCMC Details.
- Step 6: Fill the Factory Address.
How can I use EPCG Licence?
EPCG License Procedure
- Apply for EPCG License at DGFT.
- Registration of EPCG License at Customs.
- Duty-free Import of Capital Machinery.
- Install the machinery and obtain Installation Certificate.
- Completion of Export Obligation.
- Closure/Redemption of EPCG License.
- Bond Cancellation/BG Cancellation at Customs.
What are the steps of importing?
Below, we outline the steps involved in importing of goods.
- Obtain IEC.
- Ensure legal compliance under different trade laws.
- Procure import licenses.
- File Bill of Entry and other documents to complete customs clearing formalities.
- Determine import duty rate for clearance of goods.
What is import trade with example?
1. What is Import Trade? It is the process wherein a country receives goods or services from another country in exchange for money. Countries import essential commodities that aren’t present in abundance in their nation. 2.