Introduction: The Ministry of Commerce and Industry, through its Directorate General of Foreign Trade (DGFT), issued Notification No. 75/2023, dated 14th March, 2024, imposing a Minimum Export Price (MEP) on the export of natural honey. This article delves into the details and implications of this significant development.
Detailed Analysis: The notification, issued under the authority of the Foreign Trade (Development & Regulation) Act, 1992, mandates a Minimum Export Price (MEP) of US $2000 per Metric Ton (PMT) on natural honey exports classified under HS code 0409 00 00. This MEP will remain effective until 31st December, 2024, or until further orders are issued, whichever comes earlier.
The imposition of MEP aims to regulate and stabilize the export of natural honey, ensuring fair pricing and preventing undervaluation in international markets. By setting a minimum price threshold, the government seeks to protect the interests of domestic honey producers and maintain the economic viability of the honey export sector.
The immediate effect of this notification necessitates compliance from exporters dealing with natural honey. Additionally, transitional arrangements outlined in Para 1.05 of the Foreign Trade Policy, 2023, will be applicable, facilitating a smooth transition to the new regulatory framework.
The notification, signed by Santosh Kumar Sarangi, Director General of Foreign Trade, emphasizes the government’s commitment to promoting sustainable trade practices and safeguarding the interests of stakeholders in the honey industry.
Conclusion: The imposition of Minimum Export Price (MEP) on natural honey exports, as per DGFT Notification No. 75/2023, reflects the government’s proactive measures to regulate trade and protect domestic industries. While ensuring fair pricing and market stability, this regulation underscores the importance of balancing economic interests with regulatory oversight in the global trade landscape. Exporters and stakeholders must adhere to the MEP provisions outlined in the notification to navigate the evolving regulatory environment effectively.
MINISTRY OF COMMERCE AND INDUSTRY
(Department Of Commerce)
(DIRECTORATE GENERAL OF FOREIGN TRADE)
Notifications No. 75/2023-DGFT | Dated: 14th March, 2024
Subject: Imposition of Minimum Export Price (MEP) on export of Honey.
S.O 1360(E).—In exercise of powers conferred by Section 3 read with section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), as amended, read with Para 1.02 and 2.01 of the Foreign Trade Policy, 2023, the Central Government hereby imposes Minimum Export Price (MEP) on export of Natural Honey under ITC HS code 0409 00 00 of Schedule 2 of the ITC (HS) Export Policy, 2023, as under:-
| Tariff item HS Code |
Item description | Export Policy | Policy condition |
| 0409 00 00 | Natural Honey | Free | Subject to a Minimum Export Price (MEP) of US $ 2000 per Metric Ton (PMT), till 31stDecember, 2024 or until further orders, whichever is earlier.” |
2. The Notification will come into immediate effect. Transitional arrangements under Para 1.05 of Foreign Trade Policy, 2023 will be applicable.
3. Effect of this Notification:
Export of Natural Honey is ‘Free’. Minimum Export Price (MEP) of US $ 2000 per Metric Ton (PMT) is imposed till 31st December, 2024 or until further orders, whichever is earlier.”
[F. No. 01/91/180/879/AM08/EC/Vol.8/PartFile/e- 38272]
SANTOSH KUMAR SARANGI, Director General of Foreign Trade
Ex- Officio Addl. Secy.
