The International Trade Committee of the Bengal Chamber organized the ‘International Trade Conclave” on 20th March, 2024 at The Park, New Delhi with the theme “India Today: Positioning New India in Global Trade Market.

India's gross domestic product (GDP) at current prices in the first quarter (Q1) of 2023-24 was estimated as Rs. 70.67 trillion (~US$ 850 billion), as against Rs. 65.42 trillion (~US$ 829 billion) in Q1 of 2022-23, showing a growth rate of 8.0%. India's overall exports in FY23 (April-March 2023) increased by 13.84% to US$ 770 billion.

The new FTP, announced in March 2023, by Ministry of Commerce & Industry, Government of India, introduced & streamlined various schemes, aims at process re-engineering and automation to facilitate ease of exporting and encourages collaborating with States and Districts for export promotion, among others. One significant change to foreign trade policy was enabling payment and settlement in the Indian Rupee and opening of special rupee Vostro accounts supported by Indian banks to ease international trade transactions. With more than 35 countries expressing interest in this mechanism, the long-term aim is to internationalize the rupee and reduce the depreciation of the domestic currency against the dollar.

In this changing scenario, India is presently known as one of the most important players in the global economic landscape. Its trade policies, Government reforms and inherent economic strengths have contributed to its standing as one of the most sought-after destinations for foreign investments. Also, technological and infrastructural development being carried out across the country augurs well for the trade and economic sector in the years to come. India has evolved as a strong player and its image from complying towards Western Countries changed into a leadership role in last few years. On the other hand, UP has become a thriving export hub over the past few years setting a benchmark for the other states.

In this context we have themed our Conclave as “India Today: Positioning New India in Global Trade Market”.

Impact of IPR on International Trade, Nuances of Trade Finance and Regional Cooperation are some of the aspects of International Trade that were discussed at the Conclave.

The Conclave witnessed the participation of eminent speakers like :

Mr. Adhip Nath Palchaudhuri, Director (Service Businesses), Balmer Lawrie & Company Ltd.

Mr. Subhash Chandra Agarwal, Additional DGFT, Directorate General of Foreign Trade

Mr. Vivek Johri, Former Chairman, Central Board of Indirect Taxes and Customs

Mr. Anand Choubey, Partner, K&S

Mr. Deepak Singh, Team Leader- Patent Engineering, R. K. Dewan & Co.

Mr. Rahul, DGM, ECGC Ltd.

Dr. Arpita Mukherjee, Professor, ICRIER

Guest of Honour at the Conclave Mr. Subhash Chandra Agarwal, Additional DGFT, Directorate General of Foreign Trade mentioned that DGFT has been streamlining and automating processes for facilitation and reduction of cost to exporters to make them more competitive. It has entered into MOUs with Amazon, DHL and Shiprocket for capacity building of new and potential export era and more such MOUs are likely to be signed in future.

On talking about Regional Cooperation as the Game Changer for Indian Traders” Dr. Arpita Mukherjee, Professor, ICRIER recommended that India needs to streamline the processes of multiple export control agencies so that export faces the same treatment as imports.

The Conclave was well attended by exporters, importers, law firms, Central Government Officials, MNCs, Consulates and Consultants.