INTERNATIONAL TRADE
International trade law in India refers to the set of rules, regulations, and agreements governing the cross-border exchange of goods and services between India and other countries. India has been a member of the World Trade Organization (WTO) since 1995 and is also a signatory to several bilateral and multilateral trade agreements, including the South Asian Free Trade Area (SAFTA) and the Comprehensive Economic Cooperation Agreement (CECA) with several countries.
The main legal framework governing international trade in India includes the Foreign Trade (Development and Regulation) Act, 1992, and the Rules and Orders made under it, which provide for the regulation, promotion, and development of foreign trade. The Directorate General of Foreign Trade (DGFT) is the nodal agency responsible for implementing and enforcing the foreign trade policy.
In addition to the above, the Indian government has also enacted several other laws and regulations that impact international trade, including the Customs Act, 1962, the Export-Import Policy, the Foreign Exchange Management Act, 1999, and the Goods and Services Tax (GST) Act, 2017.
Overall, the legal framework for international trade in India is aimed at promoting trade liberalization, encouraging foreign investment, and enhancing the competitiveness of Indian businesses in the global market. However, as with any legal system, there may be challenges and limitations in the implementation and enforcement of these laws and regulations, which can impact the effectiveness of India’s international trade regime.
BMJ LAW
BMJ LAW PARTNERS represents its clients before the various adjudicating authorities as well as Higher Courts of Appeal in matters related to Customs Duty and other indirect taxes. The firm has extensive experience in all Foreign Trade Policy matters. BMJ LAW PARTNERS BMJ LAW PARTNERS Advocates & Solicitors Law firm with a difference… services in Protectionist Levies include assisting aggrieved clients in making representations to the designated authority. We also make representations in foreign jurisdictions as well as the WTO in association with foreign law Firms. We liaise with Government Authorities in matters pertaining to Free Trade Agreements, Comprehensive Economic Cooperation Agreements and other International Trade Facilitation matters. BMJ LAW PARTNERS prepares periodical reports for its clients which cover an extensive range including antidumping and countervailing duty levies, import policy and procedures, foreign investment policy, and development on bilateral and multilateral trade initiatives etc.