FFFAI would be jointly working with Union Ministry of Finance in conducting research study, monitoring in achieving goals towards trade facilitation of international EXIM trade. This would result in cutting transaction cost or reducing dwell time and benefiting the country by saving forex reserves outflow.
Federation of Freight Forwarders’ Associations in India (FFFAI) delegation met Sanjay Malhotra, Revenue Secretary, Union Ministry of Finance recently.
They discussed EXIM trade facilitation measures to enable speedy shipment clearance timelines and improvement of processes in customs clearance and logistics.
FFFAI would be jointly working with Union Ministry of Finance in framing research study, which would be monitored in achieving goals towards trade facilitation of International EXIM trade. This would not only result in transaction cost saving or reducing dwell time but would also benefit India by saving forex reserves outflow (collected in the form of detention charges by foreign shipping lines due to delay in clearances).
The study would be reviewed from time to time across the country to recommend policy changes. Shankar Shinde, FFFAI Chairman, informed the federation would collaborate with the Union Ministry of Finance in initiating research studies to achieve ease of doing business (EoDB) and Logistics Performance Index (LPI) ranking.
FFFAI also reiterated its support to the CBIC, Union Ministry of Finance in its endeavours. “FFFAI is committed to extend its support and contribution to the government in achieving the US$5 trillion economy by 2025. Logistics has a pivotal role to play in this regard and the Government of India collaborating with the logistics industry professionals will have to continue strengthening the trade facilitation measures through developing world standard infrastructure and formulating conducive policies for fast, smooth and end to end logistics operations.
We have witnessed a significant jump (6 ranks) in the World Bank LPI-2023. We are confident that the collaborative approach would position the country on the top rank soon,” said Shankar Shinde, Chairman, FFFAI.
Among those in the delegation were Chairman Elect Dushyant Mulani, Vice Chairmen Rajesh Verma and Amit Kamat, Honorary Secretary Vinod Sharma, Honorary Treasurer Sudhir Aggarwal, and Advisor S. Ramakrishna.
