The Tiupur Exporters Association (TEA) has thanked commerce and industry minister Nirmala Sitharaman for the notice of Directorate General of Foreign Trade for including countries under Group C also to get two per cent of FOB value of exports as reward under Merchandise Exports from India Scheme (MEIS) in Foreign Trade Policy 2015 – 20.
TEA president A Sakthivel in a release said that till date only the list of countries under Country Group A (Traditional markets) and B (Emerging and Focus markets) have been permitted to avail reward rate of two per cent FOB value of exports made to these countries. .
Sakthivel said in future, the exports to any country (total of 239) in the world will be eligible to get two per cent reward under MEIS.
He said in the list of countries placed under Group C includes Australia, New Zealand and Hong Kong. In his letter of thanks, he said the competitiveness of products being exported to Australia, New Zealand and Hong Kong will now be increased and India will be able to make a higher market share in these countries.
Sakthivel pointed out that as all 239 countries have now been brought under the beneficiary list, there is no need to submit landing certificate and this announcement would be a one of the added advantages to the exporting units.
