The Cabinet is likely to consider the changes in the new Foreign Trade Bill to give a leg-up to exports. The Foreign Trade (Development and Regulation) Amendment Bill, which was introduced in the Rajya Sabha in 2009, was later referred to the standing committee of commerce.
“The Cabinet Committee on Economic Affairs is likely to take up the Bill tomorrow,” an official said.
The Bill seeks to provide export incentives to technology and services, including those in the financial sector, at par with merchandise goods. It also envisages providing for quantitative restrictions (QRs) on trade as safeguard measures.
The country had removed QRs on imports in 2002 under as mandated by the World Trade Organisation (WTO). The proposal to re-impose QRs would have to comply with the WTO norms as a safeguard measure.