Dgft- Importance Of Guidelines For Exporters And Importers
In foreign trade, guidelines are the policies defined by the government
. These guidelines help traders in deciding whether the product should be traded or not. It helps the traders to know which market to enter and which market not to enter. It is the ruling guidelines which make the trade with that country or of a certain commodity feasible or not feasible for the trader to export or import. It also helps the trader to know what should be the scale of trade. To maintain a healthy state of its economy, a country chooses not to trade certain commodities. For demoting the trade of those commodities the country uses some restrictive policies; a provident trader would not want to trade in any such commodity.
In India, DGFT India directs the foreign trade. This agency of ministry of commerce and industry of the government of India responsible for administering the foreign trade and foreign Investment in India. The DGFT India formulates guidelines for import and export. The DGFT India decides different bonuses for trade of certain products. This agency decides the products on which the trader will be entitled for certain benefits. DGFT issues various notification, public notices and circulars for trade etc. The DGFT also provides the exporters and importers with a unique import export code (IEC) which is required to do trade with India. Any bona fide person/ company starting a venture for International trade require DGFT IEC.
DGFT Delhi is located at IP Bhawan, New Delhi. DGFT Delhi is the Zonal Office (North Zone ) under Ministry of Commerce, Government of India with nine Regional Offices under its jurisdiction. More information on DGFT Delhi can be easily found on various websites.
The guidelines for exports and imports are changeable in nature. Every year there are some products which are promoted for trade whereas there are some which are demoted. Some trade policies exist for a longer period while others change every year or sometimes every few months. For this reason one has to take care of the five yearly trade policies, yearly trade policies, and the interim trade policies to get updated with all the guidelines. These guidelines can be found accessed on internet which also provide various analysis and reports which help the traders in deciding their strategy.