In a significant move to bolster trade with the Maldives, the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, has issued Notification No. 22/2024-25 dated 1st August 2024. This notification adds Kandla and Vishakhapatnam Sea ports to the list of authorized ports for the export of essential commodities to the Maldives during the fiscal year 2024-25. This decision is aimed at enhancing the logistical efficiency and trade volume between India and the Maldives.
Notification Overview The latest DGFT Notification No. 22/2024-25, dated 1st August 2024, amends the earlier Notification No. 06/2023 dated 15th April 2024. It incorporates Kandla (INIXY1) and Vishakhapatnam (INVTZ1) Sea ports for the export of essential commodities to the Maldives. This amendment comes under the authority of Section 3 and Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, and aligns with paragraphs 1.02 and 2.01 of the Foreign Trade Policy (FTP) 2023.
Purpose and Impact The inclusion of Kandla and Vishakhapatnam ports is a strategic move to facilitate smoother and more efficient export processes for essential commodities that fall under the Prohibited/Restricted category. This change aims to diversify and expand the logistical routes available for exporters, thereby reducing congestion and delays at other ports.
Benefits to Trade with Maldives The Maldives is a key trade partner for India in the Indian Ocean region. By adding Kandla and Vishakhapatnam ports, the Indian government aims to enhance trade relations and ensure a steady supply of essential commodities to the Maldives. This decision is expected to improve the accessibility and distribution of essential goods, benefiting both exporters and the Maldivian market.
Comparison with Previous Notification Previously, only four ports were designated for such exports under Notification No. 06/2023 dated 15th April 2024. The addition of two more ports signifies the government’s proactive approach to addressing logistical challenges and supporting the growing trade demands between India and the Maldives.
Legal and Policy Framework This amendment is backed by the legal provisions of the Foreign Trade (Development & Regulation) Act, 1992, ensuring that it is in line with India’s broader trade policy objectives. The reference to the Foreign Trade Policy (FTP) 2023 underscores the government’s commitment to adapting and updating trade policies to reflect current economic realities and trade priorities.
Conclusion
The inclusion of Kandla and Vishakhapatnam Sea ports for the export of essential commodities to the Maldives marks a significant step in strengthening trade infrastructure and bilateral relations between India and the Maldives. This move is expected to streamline export operations, reduce port congestion, and enhance the efficiency of essential goods supply to the Maldives. The DGFT’s proactive approach in amending trade notifications demonstrates India’s commitment to facilitating international trade and supporting its trade partners through strategic policy adjustments.
The government encourages exporters to leverage these newly included ports to optimize their trade operations and contribute to the robust trade relationship between India and the Maldives.
*****
MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
(DIRECTORATE GENERAL OF FOREIGN TRADE)
Notification No. 22/2024-25-DGFT | Dated: 1st August, 2024
Subject: Inclusion of Kandla and Vishakhapatnam Sea ports for Export of Essential Commodities to Maldives during FY 2024-25 -reg.
S.O. 3069(E).—In exercise of the powers conferred by Section 3 read with Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy (FTP)2023, as amended from time to time, the Central Government hereby amends Notification No. 06/2023 dated 15thApril 2024 incorporating (2) additional Ports for Export of Essential Commodities under Prohibited/Restricted category to the Republic of Maldives during the period FY 2024-25:-
i. Kandla Sea (INIXY1)
ii. Vishakhapatnam Sea (INVTZ1)
Effect of this notification:
Kandla and Vishakhapatnam Customs Sea ports have been added to the list of ports allowed for Export of Essential Commodities, which are under the Prohibited/Restricted category, to the Republic of Maldives for the fiscal year 2024-25. This is in addition to the (4) ports listed in the earlier Notification No. 06/2023 dated 15thApril 2024.
[F. No. 01/91/171/59/AM20/EC/E-20816]
SANTOSH KUMAR SARANGI, Director General of Foreign Trade & Ex-officio Addl. Secy
